Associations Incorporation (Amendment) Regulations 2004

Victorian Legislation Parliamentary Documents i Associations Incorporation (Amendment) Regulations 2004 S.R. No. 39/2004 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provision 1 3. Principal Regulations 1 4. New regulation 7 substituted 2 7. Preparation of financial reports by prescribed associations 2 5. New Schedule 1 substituted 2 SCHEDULE 1—Preparation of Financial Statements by Prescribed Associations 2 ═══════════════ ENDNOTES 4 -- 1 of 7 -- Victorian Legislation Parliamentary Documents 1 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 19981 are called the Principal Regulations. -- 2 of 7 -- Victorian Legislation Parliamentary Documents S.R. No. 39/2004 Associations Incorporation (Amendment) Regulations 2004 2 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 r. 4 -- 3 of 7 -- Victorian Legislation Parliamentary Documents S.R. No. 39/2004 Associations Incorporation (Amendment) Regulations 2004 3 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 ". ═══════════════ r. 5 -- 4 of 7 -- Victorian Legislation Parliamentary Documents S.R. No. 39/2004 Associations Incorporation (Amendment) Regulations 2004 4 ENDNOTES 1 Reg. 3: S.R. No. 103/1998 as amended by S.R. Nos 62/2001, 69/2001, 93/2003 and 128/2003. —— 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 Endnotes -- 5 of 7 -- Victorian Legislation Parliamentary Documents S.R. No. 39/2004 Associations Incorporation (Amendment) Regulations 2004 5 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 -- 6 of 7 -- Victorian Legislation Parliamentary Documents S.R. No. 39/2004 Associations Incorporation (Amendment) Regulations 2004 6 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 -- 7 of 7 --