Co-operatives Amendment (Financial Reporting) Regulation 2006 (NSW)

2006 No 278

New South Wales

Co-operatives Amendment (Financial

Reporting) Regulation 2006

under the

Co-operatives Act 1992

Her Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Co-operatives Act 1992.

DIANE BEAMER, M.P., Minister for Fair Trading

Explanatory note
The object of this Regulation is to make a number of changes to the prescribed form of annual report for co-operatives in order to comply with new International Financial Reporting Standards. In particular, extra classifications in the balance sheet and a statement of changes in equity are added to the form and the share capital of co-operatives is now to be recorded as a liability rather than an asset.
This Regulation is made under the Co-operatives Act 1992, including sections 252 (1) (e) and

446 (the general regulation-making power).

Published in Gazette No 75 of 9 June 2006, page 3941	Page 1
2006 No 278
Clause 1	Co-operatives Amendment (Financial Reporting) Regulation 2006

Co-operatives Amendment (Financial Reporting)

Regulation 2006

under the

Co-operatives Act 1992

1      Name of Regulation

This Regulation is the Co-operatives Amendment (Financial Reporting)
Regulation 2006.

2 Amendment of Co-operatives Regulation 2005

The Co-operatives Regulation 2005 is amended as set out in Schedule 1.

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Amendment	Schedule 1
Schedule 1	Amendment

(Clause 2)

Schedule 7 Forms

Omit Form 1. Insert instead:

Form 1 Annual report

(Clause 17)

Part A

Co-operatives Act 1992 (Section 252 (1) (e))

Co-operative name: ...............................................................................................................
A.R.B.N. (if applicable): ........................................ Telephone: ..........................................
Address of registered office: .................................................................................................

Co-operative No: ...................................................................................................................

____________________	____________________
* Signature	Date

Financial year ended	Last year	Financial year ended	Last year
.......... 20.....	.......... 20.....	.......... 20.....	.......... 20.....

ANZSIC % ANZSIC % LGA % LGA %

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Schedule 1 Amendment

Financial year ended	Last year
.......... 20.....	.......... 20.....

NUMBER OF	Active member
DIRECTORS:	directors
Employee directors
Other independent directors
EXPORTS:	Value of exports % of total sales

Total turnover (including ancillary income)
Cost of goods sold
Total interest paid or provided
Number of members

Number of employees

Does the co-operative have an exemption	Yes/No
from any of the provisions of clause 13 of the Co-operatives Regulation 2005?
If yes, please specify details

* May be signed by secretary, director or principal executive officer
Co-operative name: ...............................................................................................................
Financial year ended: ............................................................................................................

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Amendment Schedule 1

ANNUAL REPORT—MOVEMENT—SHARE VALUES (WHOLE DOLLARS)

SHARES

Section of Act	Section	Sections	Section 154 Section 155
151	151 (4) (a), 156, and 282 (1) (b)

Narration Shares Issue of Bonus Issue of Members Total

shares at a	shares	shares to	may be
premium	issue	active	required to
members in	take up
exchange	additional
for property	shares

$ $ $ $ $ $ $

Balance at
beginning of

year

Additions

Transfers In

Sub-total

Forfeiture

Re-purchase

non-active

Re-purchase

active

Transfers out

Sub-total out

This figure must agree with the total share capital in the Balance	Balance end
Sheet	of year

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Schedule 1 Amendment

ANNUAL REPORT—MOVEMENT—LOANS & CCUs (WHOLE DOLLARS)

DEPOSITS & DEBENTURES LOANS CCUs

Section of Act Section Section 266 Section Section Part 10, Division 2

263A 266A 268

Narration	Deposits Debentures Debentures Loans	CCUs to	CCUs to
members	non- members

$ $ $ $ $ $

Balance at
beginning of

year

Additions

Transfers In

Sub-total In

Repayment

Transfers Out

Sub-total Out

Balance at end

of year

Co-operative name: ...............................................................................................................

BALANCE SHEET

Financial year ended	Last year
.......... 20.....	.......... 20.....
$	$

CURRENT ASSETS

Cash and cash equivalents
Trade and other receivables
Inventories
Financial assets

Other current assets

Total current assets

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Amendment Schedule 1

Financial year ended	Last year
.......... 20.....	.......... 20.....
$	$

NON-CURRENT ASSETS

Trade and other receivables
Assets held for sale
Financial assets
Property, plant & equipment
Deferred tax assets
Intangible assets

Other non-current assets

Total non-current assets

TOTAL ASSETS

CURRENT LIABILITIES

Trade and other payables
Short-term borrowings
Current tax liabilities
Short-term provisions

Other current liabilities

Total current liabilities

NON-CURRENT LIABILITIES

Trade and other payables
Long-term borrowings
Deferred tax liabilities
Long-term provisions
Other non-current liabilities
Share capital

Co-operative capital units

Total non-current liabilities
TOTAL LIABILITIES

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Schedule 1 Amendment

Financial year ended	Last year
.......... 20.....	.......... 20.....
$	$

NET ASSETS

EQUITY

Co-operative capital units
Other reserves

Retained earnings

Parent entity interest

Outside equity interest

TOTAL EQUITY

STATEMENT OF CHANGES IN EQUITY

Reserves

Balance at start of year

Adjustment on change in accounting policy and correction of errors (net of tax)

Revaluation of land and buildings (net of tax) Available for sale financial assets (net of tax) Transfers to retained earnings

Transfers from retained earnings

Other (net of tax)

Balance at end of year

Retained earnings

Balance at start of year

Adjustment on change in accounting policy and correction of errors (net of tax)

Net profit (loss) for the year
Transfers to reserves
Transfers from reserves
Dividends
Rebates and bonuses provided or paid

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Amendment Schedule 1

Financial year ended	Last year
.......... 20.....	.......... 20.....
$	$

Balance at end of year

Net income recognised directly in equity
Profit (loss) for the year

Total recognised income and expense for the year

Attributable to:
Equity holders of parent

Minority interest

Co-operative name: ...............................................................................................................

INCOME STATEMENT

Financial year ended	Last year
.......... 20.....	.......... 20.....
$	$

Revenues
Expenses excluding finance costs
Finance costs

Share of net profits (losses) of associates

Profit (loss) before income tax

Income tax

Profit (loss) from continuing operations

Profit (loss) from discontinued operations

Profit (loss) for the year

Profit (loss) attributable to minority equity interest

Profit (loss) attributable to members of the parent equity

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Schedule 1 Amendment

Notes to and forming part of the financial statements are	Yes F	No F
attached

Subject to any exemption granted by the Registrar, the following documents should be attached at the time of lodgment of this return:

(1)	Auditors’ report (section 252 (1) (d))
(2)	Directors’ report (section 252 (1) (d))
(3)	Directors’ declaration (section 252 (1) (d))
(4)	Accounts as submitted to the members (section 252 (1) (b))
(5)	List of directors, principal executive officers and secretary (section 252 (1) (a) and Part B of this Form)
(6)	Declarations of interest (section 234 (1) and Part C of this Form)
(7)	Notice of Appointment or Cessation of Appointment of Directors and Officers (section 251B and Form AF11, supplied with this Form), if appropriate

PART B
Co-operative No ....................
LIST OF DIRECTORS AND PRINCIPAL EXECUTIVE OFFICERS AND

SECRETARY

Co-operatives Act 1992 (Section 252 (1) (a))

Name of Co-operative ........................................................................................................... secretary of the abovenamed co-operative, give notice that the undermentioned persons:

*(1)	are the directors of the co-operative as at the date of this annual report
*(2)	are the directors of .................................................. a subsidiary of the co-operative as at the date of this annual report

Surname Given names Date of birth Residential Office held Date of

(in full) address appointment

2006 No 278

Co-operatives Amendment (Financial Reporting) Regulation 2006

Amendment Schedule 1

*The secretary of the co-operative at the date of this annual report is ..................................
*The principal executive officer of the co-operative at the date of this annual report is ......
*The principal executive officer of .................................................. a subsidiary of the

co-operative at the date of this annual report is ....................................................................

Has the address of the registered office changed? *Yes/*No

If yes, the co-operative must lodge separate notification on the approved form.

If yes, specify new address ....................................................................... Telephone..........

Dated ............................. 20..........	Signature ........................................
To the Registrar of Co-operatives 154 Russell Street PO Box 22 BATHURST NSW 2795 * Strike out words not applicable
Part C
Co-operative No ....................
DECLARATIONS OF INTEREST Co-operatives Act 1992 (Section 234)

Name of Co-operative ........................................................................................................... The declarations of interest listed below were made to the board of directors of the co-operative under section 234 of the Co-operatives Act 1992 during the financial year ended on ............................. 20.......... .

Surname	Given	Date of	Contract or	Nature of	Whether	Nature,
of	names	declaration	proposed	interest	contract	character
director	(in full)	contract	entered into	and extent of
referred to	by	conflict—eg
in	co-operative	office or
declaration	property held

2006 No 278	Co-operatives Amendment (Financial Reporting) Regulation 2006
Schedule 1	Amendment
Note.	A co-operative must hold its annual general meetings (after the first annual general meeting) within 5 months after the close of the financial year of the co-operative (section 198 (2) (a) of the Co-operatives Act 1992).
This report (together with the documents listed at the end of Part A) must be sent to the Registrar of Co-operatives within 28 days after the annual general meeting of the co-operative (section 252 (2) (a) of the Co-operatives Act 1992). A late lodgment fee is payable if the report is sent after that time.
Dated ............................. 20..........	Signature ........................................
(Secretary, director or principal executive officer)
To the Registrar of Co-operatives 154 Russell Street PO Box 22 BATHURST NSW 2795

BY AUTHORITY