Corporations Act 2001
CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT
View history note
Hide history notePART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING
Division 1 - Annual financial reports, sustainability reports and directors ' reports
CCH Note: The application of Division 1 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Division 1, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .
SECTION 296 COMPLIANCE WITH ACCOUNTING STANDARDS AND REGULATIONS
CCH Note: Section 296 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
296(1)
The financial report for a financial year must comply with the accounting standards.
Small proprietary companies
296(1A)
Despite subsection (1), the financial report of a small proprietary company does not have to comply with particular accounting standards if:
(a)
the report is prepared in response to a shareholder direction under section
293
; and
(b)
the direction specifies that the report does not have to comply with those standards;
and
(c)
paragraph
292(2)(c)
(about having CSF shareholders) does not apply to the company for the financial year.
Small companies limited by guarantee
296(1B)
Despite subsection (1), the financial report of a small company limited by guarantee does not have to comply with particular accounting standards if:
(a)
the report is prepared in response to a member direction under section
294A
; and
(b)
the direction specifies that the report does not have to comply with those standards.
Further requirements
296(2)
The financial report must comply with any further requirements in the regulations.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.