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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]  

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

History

S 296(1) amended by No 66 of 2010, s 3, Sch 1, Pt 1[19] (effective 28 June 2010).

296(1A)  Small proprietary companies.  

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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.

History

S 296(1A) inserted by No 66 of 2010, s 3, Sch 1, Pt 1[20] (effective 28 June 2010).

296(1B)  Small companies limited by guarantee.  

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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.

History

S 296(1B) inserted by No 66 of 2010, s 3, Sch 1, Pt 1[20] (effective 28 June 2010).

296(2)  Further requirements.  


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

History

S 296(2) amended by No 66 of 2010, s 3, Sch 1, Pt 1[20] (effective 28 June 2010).


 



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