True and fair view
305 True and fair view
The financial statements and notes for a half‑year must give a true and fair view of:
the financial position and performance of the disclosing entity; or
if consolidated financial statements are required—the financial position and performance of the consolidated entity.
This section does not affect the obligation under section 304 for financial reports to comply with accounting standards.
If the financial statements prepared in compliance with the accounting standards would not give a true and fair view, additional information must be included in the notes to the financial statements under paragraph 303(3)(c).
This Act’s bill:Explanatory memorandumSecond reading speech
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