Preparation of financial statements and accounts
187 Preparation of financial statements and accounts
(1) A betting exchange licensee and sports bookmaker licensee must prepare financial statements and accounts in accordance with applicable Australian accounting standards that give a true and fair view of the financial operations of the business operated under the licence including:
the verification and reconciliation of tax payments; and
long-term wager accounts in financial institutions; and
customer accounts; and
any other matter prescribed by regulation.
(2) A betting exchange licensee and sports bookmaker licensee must lodge a copy of their financial statements and accounts with the Commission within 5 months of the end of the licensee's financial year.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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