Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 1 - Annual financial reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 295   CONTENTS OF ANNUAL FINANCIAL REPORT  

Basic contents

295(1)    
The financial report for a financial year consists of:

(a)    the financial statements for the year; and

(b)    the notes to the financial statements; and

(c)    the directors ' declaration about the statements and notes.

Financial statements

295(2)    

The financial statements for the year are:

(a)    unless paragraph (b) applies - the financial statements in relation to the company, registered scheme, registrable superannuation entity or disclosing entity required by the accounting standards; or

(b)    if the accounting standards require the company, registered scheme, registrable superannuation entity or disclosing entity to prepare financial statements in relation to a consolidated entity - the financial statements in relation to the consolidated entity required by the accounting standards.

Notes to financial statements

295(3)    
The notes to the financial statements are:

(a)    disclosures required by the regulations; and

(b)    notes required by the accounting standards; and

(c)    any other information necessary to give a true and fair view (see section 297 ).

Directors ' declaration

295(4)    
The directors ' declaration is a declaration by the directors:

(a) (Repealed)

(b) (Repealed)

(c)    

whether, in the directors ' opinion, there are reasonable grounds to believe that the company, registered scheme, registrable superannuation entity or disclosing entity will be able to pay its debts as and when they become due and payable; and

(ca)    

if the company, registered scheme, registrable superannuation entity or disclosing entity has included in the notes to the financial statements, in compliance with the accounting standards, an explicit and unreserved statement of compliance with international financial reporting standards - that this statement has been included in the notes to the financial statements; and

(d)    whether, in the directors ' opinion, the financial statement and notes are in accordance with this Act, including:

(i) section 296 (compliance with accounting standards); and

(ii) section 297 (true and fair view); and

(e)    

if the company, disclosing entity or registered scheme is listed - that the directors have been given the declarations required by section 295A .

Note: See paragraph 285(3)(c) for the reference to the debts of a registered scheme.

295(5)    
The declaration must:

(a)    be made in accordance with a resolution of the directors; and

(b)    specify the date on which the declaration is made; and

(c)    be signed by a director.

Note: Section 1228 deals with directors ' resolutions for CCIVs.