Compliance with accounting standards and regulations
296 Compliance with accounting standards and regulations
The financial report for a financial year must comply with the accounting standards.
Small proprietary companies
Despite subsection (1), the financial report of a small proprietary company does not have to comply with particular accounting standards if:
the report is prepared in response to a shareholder direction under section 293; and
the direction specifies that the report does not have to comply with those standards; and
paragraph 292(2)(c) (about having CSF shareholders) does not apply to the company for the financial year.
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:
the report is prepared in response to a member direction under section 294A; and
the direction specifies that the report does not have to comply with those standards.
Further requirements
The financial report must comply with any further requirements in the regulations.
This provision refers to the regulations (the regulations
). Made under this Act:
- Corporations Regulations 2001 · under s 1364
115 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.