True and fair view (cf Corporations Act s 297)
275 True and fair view (cf Corporations Act s 297)
(1) The financial statements and notes for a financial year must give a true and fair view of:
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).
This Act’s bill:Explanatory statement
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