Transitional provisions relating to compliance with accounting standards (s. 211)
20 Transitional provisions relating to compliance with accounting standards (s. 211)
In this regulation —
accounting standards has the meaning given in section 62 of the Act;
Australian law means a written law or a law of the Commonwealth, another State or a Territory;
financial report has the meaning given in section 63 of the Act.
This regulation applies in relation to an incorporated association if the association —
was not required, under an Australian law, to prepare a financial report that complied with the accounting standards in respect of the financial year of the association (the relevant financial year) immediately preceding the first financial year of the association that commences on or after 1 July 2016; and
did not prepare a financial report for the relevant financial year that complied, or purported to comply, with the accounting standards.
Part 5 of the Act does not apply to the financial report for the first financial year of an incorporated association that commences on or after 1 July 2016 to the extent that that Part requires the report to comply with the accounting standards.
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