CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 1 - Annual financial reports and directors' reports  

SECTION 296   COMPLIANCE WITH ACCOUNTING STANDARDS AND REGULATIONS  

296(1)   [ Accounting standards]  

The financial report for a financial year must comply with the accounting standards.

296(1A)   Small proprietary companies.  

Despite subsection (1), the financial report of a small proprietary company does not have to comply with particular accounting standards if:


(a) the report is prepared in response to a shareholder direction under section 293 ; and


(b) the direction specifies that the report does not have to comply with those standards; and


(c) paragraph 292(2)(c) (about having CSF shareholders) does not apply to the company for the financial year.

296(1B)   Small companies limited by guarantee.  

Despite subsection (1), the financial report of a small company limited by guarantee does not have to comply with particular accounting standards if:


(a) the report is prepared in response to a member direction under section 294A ; and


(b) the direction specifies that the report does not have to comply with those standards.

296(2)   Further requirements.  

The financial report must comply with any further requirements in the regulations.


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