Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 4 - Annual financial reporting to members  

Note: This Division applies to reports relating to sub-funds of retail CCIVs in a modified form: see section 1232H .

SECTION 314   ANNUAL FINANCIAL REPORTING BY COMPANIES, REGISTERED SCHEMES AND DISCLOSING ENTITIES TO MEMBERS  

314(1)  


A company, registered scheme or disclosing entity must report to members for a financial year by providing either of the following in accordance with subsection (1AE) or (1AF) :

(a)  

all of the following reports (that are required to be prepared):

(i) the financial report for the year;

(ii) the directors ' report for the year (see sections 298 to 300A );

(iii) the auditor ' s report on the financial report;

(b)  a concise report for the year that complies with subsection (2) .

Note: This section applies to sub-funds of retail CCIVs in a modified form: see section 1232H .

314(1AAA)  


This section does not apply to a company limited by guarantee.

Note: The requirement for annual financial reporting to members for those companies is in section 316A .

314(1AA) - (1AD)  
(Repealed by No 9 of 2022, s 3, Sch 2[31] (effective 1 April 2022).)

314(1AE)  


A company, registered scheme or disclosing entity may provide the reports, or the concise report, by sending them to each member.

314(1AF)  


If a company:

(a)  is a public company that is covered under section 738ZI at the end of the financial year mentioned in subsection (1) ; or

(b)  is a small proprietary company that has one or more CSF shareholders at any time during the financial year mentioned in subsection (1) ;

it may provide the reports, or the concise report, for that financial year by making a copy of the reports, or the concise report, readily accessible on a website.

314(1A)  


An offence based on subsection (1) is an offence of strict liability. Concise report

314(2)  
A concise report for a financial year consists of:

(a)  a concise financial report for the year drawn up in accordance with accounting standards made for the purposes of this paragraph; and

(b)  

the directors ' report for the year (see sections 298 - 300A ); and

(c)  a statement by the auditor:


(i) that the financial report has been audited; and

(ii) whether, in the auditor ' s opinion, the concise financial report complies with the accounting standards made for the purposes of paragraph (a); and

(d)  a copy of any qualification in, and of any statements included in the emphasis of matter section of, the auditor ' s report on the financial report; and

(e)  a statement that the report is a concise report and that the full financial report and auditor ' s report will be sent to the member free of charge if the member asks for them.

314(2A)  


If paragraph (1AF)(a) or (b) applies to the company for the financial year mentioned in subsection (1) , apply subsection (2) to the company in relation to that financial year with the following modifications:

(a)  insert the words " if the company ' s financial report for the year is required to be audited - " at the start of each of paragraphs (2)(c) and (d) ;

(b)  omit the words " and that the full financial report and auditor ' s report will be sent to the member free of charge if the member asks for them " in paragraph (2)(e) .

314(3)  
If the accounting standards made for the purposes of paragraph (2)(a) require a discussion and analysis to be included in a concise financial report:

(a)  the auditor must report on whether the discussion and analysis complies with the requirements that the accounting standards lay down for the discussion and analysis; and

(b)  the auditor does not otherwise need to audit the statements made in the discussion and analysis.

314(4) - 314(6)  
(Repealed by No 101 of 2007, s 3, Sch 1, Pt 1 [ 40].)


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