True and fair view

Current

(1)

The financial statements and notes for a financial year must give a true and fair view of—

(a)

the financial position and performance of the co-operative; and

(b)

if consolidated financial statements are required—the financial position and performance of the consolidated entity.

(2)

This section does not affect the obligation under section 274 for a financial report to comply with accounting standards.

Note—

If the financial statements and notes 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 section 273 (3) (c).

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275 True and fair view