Untitled document

Associations Incorporation (Amendment) Regulations 2004

S.R. No. 39/2004

TABLE OF PROVISIONS

Regulation  Page

1.Objective

2.Authorising provision

3.Principal Regulations

4.New regulation 7 substituted

7.Preparation of financial reports by prescribed associations

5.New Schedule 1 substituted

SCHEDULE 1—Preparation of Financial Statements by Prescribed Associations

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ENDNOTES

STATUTORY RULES 2004

S.R. No. 39/2004

Associations Incorporation Act 1981

Associations Incorporation (Amendment) Regulations 2004

The Governor in Council makes the following Regulations:

Dated: 18 May 2004

Responsible Minister:

JOHN LENDERS
Minister for Consumer Affairs

STEPHANIE LENN

Acting Clerk of the Executive Council

1.Objective

The objective of these Regulations is to amend the Associations Incorporation Regulations 1998 to update references to accounting standards for the preparation of financial statements by prescribed associations.

2.Authorising provision

These Regulations are made under section 54 of the Associations Incorporation Act 1981.

3.Principal Regulations

In these Regulations, the Associations Incorporation Regulations 1998[1] are called the Principal Regulations.

4.New regulation 7 substituted

For regulation 7 of the Principal Regulations, substitute—

"7.Preparation of financial reports by prescribed associations

A prescribed association must prepare its financial statements in accordance with—

(a)the Australian Accounting Standards specified in Part 1 of Schedule 1 which have been issued by the Australian Accounting Research Foundation on behalf of The Institute of Chartered Accountants in Australia and CPA Australia; and

(b)the Accounting Standards specified in Part 2 of Schedule 1 which have been issued by the Australian Accounting Standards Board.".

5.New Schedule 1 substituted

For Schedule 1 to the Principal Regulations substitute—

"SCHEDULE 1

PREPARATION OF FINANCIAL STATEMENTS BY PRESCRIBED ASSOCIATIONS

PART 1—AUSTRALIAN ACCOUNTING STANDARDS

Item	Australian Accounting Standard Number	Name of Australian Accounting Standard	Issued
1	AAS 4	Depreciation	August 1997
2	AAS 5	Materiality	September 1995
Item	Australian Accounting Standard Number	Name of Australian Accounting Standard	Issued
3	AAS 6	Accounting Policies	March 1999
4	AAS 8	Events Occurring After Reporting Date	October 1997
5	AAS 15	Revenue	June 1998
6	AAS 17	Leases	October 1998
7	AAS 28	Statement of Cash Flows	October 1997
8	AAS 36	Statement of Financial Position	October 1999

PART 2—ACCOUNTING STANDARDS

Item	Accounting Standard Number	Name of Accounting Standard	Issued
1	AASB 1018	Statement of Financial Performance	June 2002
2	AASB 1041	Revaluation of Non-Current Assets	July 2001

".

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ENDNOTES

[1] Reg. 3: S.R. No. 103/1998 as amended by S.R. Nos 62/2001, 69/2001, 93/2003 and 128/2003.

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Table of Applied, Adopted or Incorporated Matter Required by Subordinate Legislation Regulations 1994

Note that the following table of applied, adopted or incorporated matter is included in accordance with the requirements of regulation 6 of the Subordinate Legislation Regulations 1994.

Statutory Rule provision	Title of applied, adopted or incorporated document	Matter in applied, adopted or incorporated document
Regulation 4 which substitutes Regulation 7 and Regulation 5 which substitutes Schedule 1 to the Associations Incorporation Regulations 1998	Australian Accounting Standard AAS 4—Depreciation—issued by the Australian Accounting Research Foundation in August 1997.	The whole
Australian Accounting Standard AAS 5—Materiality—issued by the Australian Accounting Research Foundation in September 1995.	The whole
Australian Accounting Standard AAS 6—Accounting Policies—issued by the Australian Accounting Research Foundation in March 1999.	The whole
Statutory Rule provision	Title of applied, adopted or incorporated document	Matter in applied, adopted or incorporated document
Australian Accounting Standard AAS 8—Events Occurring After Reporting Date—issued by the Australian Accounting Research Foundation in October 1997.	The whole
Australian Accounting Standard AAS 15—Revenue—issued by the Australian Accounting Research Foundation in June 1998.	The whole
Australian Accounting Standard AAS 17—Leases—issued by the Australian Accounting Research Foundation in October 1998.	The whole
Australian Accounting Standard AAS 28—Statement of Cash Flows—issued by the Australian Accounting Research Foundation in October 1997.	The whole
Australian Accounting Standard AAS 36—Statement of Financial Position—issued by the Australian Accounting Research Foundation in October 1999.	The whole
Accounting Standard AASB 1018—Statement of Financial Performance—issued by the Australian Accounting Standards Board in June 2002.	The whole

Statutory Rule provision	Title of applied, adopted or incorporated document	Matter in applied, adopted or incorporated document
Accounting Standard AASB 1041—Revaluation of Non-Current Assets—issued by the Australian Accounting Standards Board in July 2001.	The whole