Fair Work (Registered Organisations) Act 2009

As soon as practicable after the end of each financial year, a reporting unit must cause a general purpose financial report to be prepared, in accordance with the Australian Accounting Standards, from the financial records kept under subsection 252(1) in relation to the financial year.

The general purpose financial report must consist of:

financial statements containing:

a profit and loss statement, or other operating statement; and

a balance sheet; and

a statement of cash flows; and

any other statements required by the Australian Accounting Standards; and

notes to the financial statements containing:

notes required by the Australian Accounting Standards; and

information required by the reporting guidelines (see section 255); and

any other reports or statements required by the reporting guidelines (see section 255).

The financial statements and notes for a financial year must give a true and fair view of the financial position and performance of the reporting unit. This subsection does not affect the obligation for a financial report to comply with the Australian Accounting Standards.

The Australian Accounting Standards may be modified for the purposes of this Act by the regulations.

If the financial statements and notes prepared in compliance with the Australian Accounting Standards would not give a true and fair view, additional information must be included in the notes to the financial statements under paragraph (2)(b).

A reporting unit must not contravene this section.