Public Governance, Performance and Accountability Act 2013
CHAPTER 2
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COMMONWEALTH ENTITIES AND THE COMMONWEALTH
PART 2-3
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PLANNING, PERFORMANCE AND ACCOUNTABILITY
Division 4
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Financial reporting and auditing for Commonwealth entities
SECTION 42
ANNUAL FINANCIAL STATEMENTS FOR COMMONWEALTH ENTITIES
42(1)
The accountable authority of a Commonwealth entity must: (a) prepare annual financial statements for the entity as soon as practicable after the end of each reporting period for the entity; and (b) give the statements to the Auditor-General as soon as practicable after they are prepared.
42(2)
The annual financial statements must: (a) comply with the accounting standards and any other requirements prescribed by the rules; and (b) present fairly the entity ' s financial position, financial performance and cash flows.
42(3)
In the annual financial statements, the accountable authority must state whether, in the authority ' s opinion, the statements comply with subsection (2) .
42(4)
If the Commonwealth entity is a government business enterprise, the accountable authority must state whether, in the authority ' s opinion, there are reasonable grounds to believe, when the statement is made, that the entity will be able to pay its debts as and when they fall due.
The accountable authority of a Commonwealth entity must: (a) prepare annual financial statements for the entity as soon as practicable after the end of each reporting period for the entity; and (b) give the statements to the Auditor-General as soon as practicable after they are prepared.
42(2)
The annual financial statements must: (a) comply with the accounting standards and any other requirements prescribed by the rules; and (b) present fairly the entity ' s financial position, financial performance and cash flows.
Note:
If financial statements for a Commonwealth entity prepared in accordance with the accounting standards would not present fairly the entity ' s financial position, financial performance and cash flows, the accountable authority of the entity must add the information and explanations required to present fairly those matters.
42(3)
In the annual financial statements, the accountable authority must state whether, in the authority ' s opinion, the statements comply with subsection (2) .
42(4)
If the Commonwealth entity is a government business enterprise, the accountable authority must state whether, in the authority ' s opinion, there are reasonable grounds to believe, when the statement is made, that the entity will be able to pay its debts as and when they fall due.
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