274
CurrentCompliance with accounting standards and regulations (cf Corporations Act s 296)
Chapter 3Management and operation of co-operatives
Part 3.3Financial reports and audit
Division 4Annual financial reports
274 Compliance with accounting standards and regulations (cf Corporations Act s 296)
(1)
The financial report for a financial year must comply with the accounting standards.
(2)
However, a small co-operative’s financial report does not have to comply with particular accounting standards if—
(a)
the report is prepared in response to a direction under section 271 or 272; and
(b)
the direction specifies that the report does not have to comply with those accounting standards.
(3)
The financial report must comply with any further requirements in the National Regulations.
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