The financial reporting process

The financial report consists of:

• the general purpose financial report (GPFR)
• an operating report.

The committee of management statement is part of the GPFR. The reporting unit's committee of management must meet and pass a resolution about the matters referred to in the statement.

This meeting is often called the ‘first meeting’ of the financial reporting process.

The financial report can be submitted for audit after:

• the GPFR and operating report have been prepared
• the committee of management statement has been finalised.

The audit must be conducted by an auditor registered under the Fair Work (Registered Organisations) Act 2009 (the RO Act).

Access information about the auditors you need to use and what they are required to report.

The full report consists of:

• the GPFR
• the operating report
• the signed auditor’s report.

The registered organisation or branch must provide its members a copy of the full report free of charge. Organisations and branches can choose how to give members access to the report. This could include publishing the report on its website.

Timeframes for distribution of the full report

If the reporting unit's rules do not include the 5% rule (see Step 5), provide the full report to members at least 21 days before the general meeting of members.

If the reporting unit's rules include the 5% rule, provide the full report to members within 5 months of the reporting unit's end of financial year.

Within 6 months after the end of the financial year, the full report must be presented to either:

• a general meeting of members or
• a meeting of the committee of management (if permitted under the reporting unit's rules).

Presenting the financial report to a meeting is often referred to as the ‘second meeting’ of the financial reporting process.

Presenting the report to a general meeting of members

Presenting the full report to a general meeting of members is the default process under the RO Act. This is done in addition to providing the full report to members before the general meeting (see Step 4).

The general meeting must happen within 6 months of the end of the financial year. The General Manager can, upon application, extend the timing of the general meeting by up to one month.

Presenting the report to a meeting of the committee of management

The full report can be presented to a meeting of the committee of management if the rules of the reporting unit allow for 5% (or fewer) members to call a meeting to consider the audited financial report. This is sometimes referred to as ‘the 5% rule’.

If this option is used the full financial report must also be provided to members within 5 months of the end of the financial year (see Step 4). The exception is if the General Manager has granted an extension of up to one month.

If the rules of an organisation allow, the full report can be presented to a series of meetings.

Within 14 days after the financial report has been presented to a meeting, reporting units must lodge with the Commission a:

• copy of the full report (the GPFR, the operating report, committee of management statement and the signed auditor’s report)
• certificate signed by the designated officer of the reporting unit (the Designated Officers’ Certificate).

Lodge your financial reports with us by emailing them to regorgs@fwc.gov.au.

Designated Officers’ Certificate

The Designated Officers' Certificate must be signed by a designated officer. The certificate certifies:

• that the documents lodged are copies of the documents provided to members
• the date that members received a copy of the full report
• the date that either the general meeting of members or the committee of management meeting was held.

Designated officer

A designated officer is an officer of:

• the organisation (if the reporting unit is the whole of the organisation) or
• a branch that is a reporting unit who under the rules of the organisation is responsible (whether alone or with others) for undertaking the financial reporting functions required under the RO Act.