Airports Act 1996

This section applies to a company if the company was an airport‑operator company throughout the whole or a part of a financial year.

The company must, in respect of the whole or part, as the case may be, of the financial year, prepare such accounts and statements as are specified in, or ascertained in accordance with, the regulations. However, this rule does not apply if the regulations declare that the company is exempt from this section.

The regulations may make provision for and in relation to the preparation of accounts and statements covered by subsection (2). If the regulations make such provision, the accounts and statements covered by subsection (2) must be prepared in accordance with the regulations. This subsection does not, by implication, limit subsection (2).

The accounts and statements prepared in accordance with subsection (2) must be signed by at least 2 directors of the company.

The company must retain the accounts and statements prepared in accordance with subsection (2) for 5 years after the end of the period to which they relate.

A company commits an offence if:

the company is subject to a requirement under this section; and

the company engages in conduct; and

the company’s conduct contravenes the requirement.

Strict liability applies to paragraph (6)(a).

For strict liability, see section 6.1 of the Criminal Code.

Regulations made for the purposes of this section may make provision for or in relation to a matter by applying, adopting or incorporating (with or without modification) any matter contained in an AASB accounting standard as in force or existing from time to time. For this purpose, an AASB accounting standard is an accounting standard made by the Australian Accounting Standards Board under section 334 of the Corporations Act 2001.