Financial Intermediaries Act 1996

The directors of a society must ensure the accounts—

comply with the requirements prescribed under a regulation or in a standard; and

comply with applicable accounting standards.

The registrar may, by gazette notice, declare an accounting standard to be an applicable accounting standard for a society’s accounts, with the changes stated in the notice.

The registrar may, by gazette notice, vary or revoke the notice.

If accounts prepared under subsection (1) would not otherwise give a true and fair view of the matters required by this section to be dealt with in the accounts, the society’s directors must add the information and explanations necessary to give a true and fair view of the matters.