Co-operatives Act 2009

The financial report for a financial year consists of —

the financial statements for the year; and

the notes to the financial statements; and

the directors’ declaration about the statements and notes.

The financial statements for the year are —

the financial statements in relation to the entity that are required by the accounting standards; and

if the accounting standards require financial statements in relation to a consolidated entity — the financial statements in relation to the consolidated entity required by the accounting standards.

The notes to the financial statements are —

disclosures required by the regulations; and

notes required by the accounting standards; and

any other information necessary to give a true and fair view (see section 244M).

The directors’ declaration is a declaration by the directors —

whether, in the directors’ opinion, there are reasonable grounds to believe that the co‑operative will be able to pay its debts as and when they become due and payable; and

whether, in the directors’ opinion, the financial statements and notes are in accordance with this Act, including —

section 244L; and

section 244M;

if the co‑operative has quoted securities — that the directors have been given the declarations required by the Corporations Act section 295A (as applying under section 244O).

The directors’ declaration must —

be made in accordance with a resolution of the directors; and

specify the date on which the declaration is made; and

be signed by a director.