Financial Reporting


The financial report

Most organisations and branches are reporting units (some are exempted or arranged differently) that must comply with the financial reporting requirements under the RO Act.  

The financial reporting process requires a reporting unit to:

  • prepare the financial report
  • have the financial report audited 
  • provide the full report to members
  • present the full report to a meeting
  • lodge the full report with the Commission. 

A financial report must include:

  • a statement of comprehensive income
  • a statement of financial position
  • a statement of changes in equity
  • a statement of cash flows
  • notes to the financial statements
  • a subsection 255(2A) report
  • an officer’s declaration statement (if applicable)
  • a committee of management statement.

Model financial statements are available to help reporting units prepare the financial report. 

Read the factsheet for a summary of the financial reporting process.


Appointing a registered auditor

Financial reports must be audited by a registered auditor. 

The Commission publishes a register of auditors.

Independent audits provide confidence that the financial report is accurate and has been prepared in accordance with the RO Act and the Australian Accounting Standards.    

  Listen to our podcast to find out what registered organisations can expect from their auditor.

There are limits to the time that a registered auditor can play a significant role in the audit of a reporting unit’s financial report. A registered auditor can audit the financial report of a reporting unit for:

  • five consecutive financial years; or
  • five out of seven consecutive financial years.

Read the auditor rotation fact sheet for examples about when to rotate your auditor. 


Providing the financial report to members

Each member of a reporting unit must be provided with a copy of the full report free of charge. The full report includes: 

  • the financial report
  • the auditor’s report
  • the operating report. 

If the full report is to be presented to a general meeting of members, the reporting unit must provide a copy of the full report to all members at least 21 days before the meeting. 

If the organisation’s rules allow for the financial report to be presented to a committee of management meeting, members must receive a copy of the full report within five months after the end of the financial year.

Go to the Compliance Calculator and complete the activity below.  

The Compliance Calculator is a handy tool that can help you to work out the timeframes for financial reporting, including when the financial report must be provided to members.

Activity: Calculating the timeframes  


An organisation has a financial year ending 30 June. 
Under its rules, the financial report must be presented to an annual general meeting (AGM).

Use the Compliance Calculator to answer the questions below.

Question 1: By when must they hold the meeting?
The AGM must be held by 31 December. If the organisation holds the AGM on 10 December:

Question 2: By when must the financial report be provided to members?
The financial report must be provided to members after 30 June 2021 and on or before 18 November.

Question 3: By when must the financial report be lodged?
The financial report must be lodged within 14 days of the AGM. This means it must be lodged after 10 December and on or before 24 December.


Presenting the financial report 

The presentation of the financial report to a general meeting of members provides members with an opportunity to ask questions to the committee of management. It is also a fantastic way to encourage members to participate in the financial affairs of the reporting unit. 

The full report must be presented to a meeting within 6 months after the end of the financial year. Under the RO Act the default meeting is a general meeting of members. However, if the rules of the organisation allow, a committee of management meeting can be held instead. 


Lodging financial reports

Reporting units must lodge their financial report on time.  

Within 14 days of the general meeting of members or the committee of management meeting, a copy of the full financial report must be lodged with the Commission. 

A copy of lodged financial reports can be found on the this website.

Send questions about the financial reporting process to, and lodge a financial report at,

Complete the e-learning module to test your understanding of the financial reporting process.


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Additional resources