Financial reporting guidelines

On this page:

• What are the financial reporting guidelines?
• When do the financial reporting guidelines apply?
• How are the financial reporting guidelines issued?

What are the financial reporting guidelines?

The financial reporting guidelines apply to reporting units of registered organisations for the purposes of ss.253 and 270 of the Fair Work (Registered Organisations) Act 2009 (RO Act).

The guidelines, which are issued by the General Manager of Fair Work Australia (FWA) pursuant to s.255 of the RO Act, supplement the financial reporting provisions of the RO Act and the Fair Work (Registered Organisations) Regulations 2009 relating to the disclosure of financial reporting information by registered organisations.

When do the financial reporting guidelines apply?

The current financial reporting guidelines apply to financial years which commenced on or after 1 November 2004:

• s.253 guidelines are applicable unless a s.270 certificate is in force for the financial year, and
• s.270 guidelines are applicable only where a s.270 certificate has been issued for that financial year (can only be issued to an organisation which is a single reporting unit and where income was less than $100,000 for that financial year).

How are the financial reporting guidelines issued?

The above reporting guidelines were issued under Schedule 1B of the Workplace Relations Act 1996 (the RAO Schedule), by the then Industrial Registrar, and published in the Commonwealth Notices Gazette on 27 October 2004.

The guidelines continue in force as though they were made by the General Manager of FWA under s.255 the RO Act, by virtue of Item 621 of Schedule 22 of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.

Note: The references to Schedule 1B of the Workplace Relations Act 1996 in these guidelines should now be read as references to the Fair Work (Registered Organisations) Act 2009.