THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

PART 2M.3 - FINANCIAL REPORTING

Division 1 - Annual financial reports and directors' reports

SECTION 297   TRUE AND FAIR VIEW  

297     The financial statements and notes for a financial year must give a true and fair view of:

(a)  the financial position and performance of the company, registered scheme or disclosing entity; and

(b)  if consolidated financial statements are required - the financial position and performance of the consolidated entity.

This section does not affect the obligation under section 296 for a financial report to comply with accounting standards.

Note:

If the financial statements and notes prepared in compliance with the accounting standards would not give a true and fair view, additional information must be included in the notes to the financial statements under paragraph 295(3)(c).