New South Wales Consolidated Regulations

CO-OPERATIVES NATIONAL REGULATIONS - REG 3.10

3.10 Small co-operative--reports where no members' direction (section 270(3))

(1) For the purposes of section 270(3) of the Law, the requirements regarding the preparation and provision of reports to members of a small co-operative that is not the subject of a direction under either section 271 or 272 are as set out in this regulation.

(2) The small co-operative must prepare a report containing the following financial statements for a financial year:

(a) an income and expenditure statement that sets out the appropriately classified individual sources of income and individual expenses incurred in the operation of the co-operative;

(b) balance sheet (including appropriately classified individual assets and liabilities of the co-operative);

(c) statement of changes in equity;

(d) cash flow statement.

(3) If:

(a) the consolidated revenue of the small co-operative and the entities it controls (if any) is less than $750,000; and

(b) the value of the consolidated gross assets and the entities it controls (if any) is less than $250,000;

it need not include in the report a cash flow statement (as referred to in subregulation (2)(d)).

(4) The financial statements referred to in subregulation (2) must:

(a) include comparative figures for the previous financial year; and

(b) include a statement of significant accounting policies; and

(c) present a true and fair view of the co-operative's financial position, performance and cash flows.

Note : A small co-operative may require either an audit or review of the financial statements in its rules, and may require additional financial reports.