Corporations Act 2001
View history note
Hide history noteNote: This Division applies to reports relating to sub-funds of retail CCIVs in a modified form: see section 1232H .
CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
A company, registered scheme or disclosing entity must report to members for a financial year by providing either of the following in accordance with subsection (1AE) or (1AF) : (a) all of the following reports (that are required to be prepared):
(i) the financial report for the year;
(ia) the sustainability report for the year;
(ii) the directors ' report for the year (see sections 298 to 300A );
(iii) the auditor ' s report on the financial report;
(b) a concise report for the year that complies with subsection (2) .
(iv) the auditor ' s report on the sustainability report for the year;
Note: This section applies to sub-funds of retail CCIVs in a modified form: see section 1232H .
[ CCH Note: Act No 101 of 2007, Sch 1, Pt 6 [ 233] contained the following application provision (which was effective 28 June 2007):
Application of items 34, 35, 38 to 41 and 169
(1) The amendments made by items 34, 35, 38 to 41 and 169 of this Schedule apply to a report for a financial year that ends on or after the day on which those items commence. (2) A company, registered scheme or disclosing entity must notify each member of the company, scheme or entity for the purposes of subsection 314(1AB) of the Corporations Act 2001 (as inserted by item 38 of this Schedule) after that item commences. (3) However, subitem (2) of this item does not apply in respect of a member of a company, registered scheme or disclosing entity if the member has previously requested, under section 316 of the Corporations Act 2001, the company, scheme or entity not to send him or her the material required by section 314 of that Act.]
314(1AAA)
This section does not apply to a company limited by guarantee.
Note: The requirement for annual financial reporting to members for those companies is in section 316A .
314(1AA) - (1AD)
(Repealed by No 9 of 2022, s 3, Sch 2[31] (effective 1 April 2022).)
314(1AE)
A company, registered scheme or disclosing entity may provide the reports, or the concise report, by sending them to each member.
314(1AF)
If a company: (a) is a public company that is covered under section 738ZI at the end of the financial year mentioned in subsection (1) ; or (b) is a small proprietary company that has one or more CSF shareholders at any time during the financial year mentioned in subsection (1) ;
it may provide the reports, or the concise report, for that financial year by making a copy of the reports, or the concise report, readily accessible on a website.
314(1A)
An offence based on subsection (1) is an offence of strict liability.
[ CCH Note: Act No 101 of 2007, Sch 1, Pt 6 [ 233] contained the following application provision (which was effective 28 June 2007):
]Application of items 34, 35, 38 to 41 and 169
(1) The amendments made by items 34, 35, 38 to 41 and 169 of this Schedule apply to a report for a financial year that ends on or after the day on which those items commence. (2) A company, registered scheme or disclosing entity must notify each member of the company, scheme or entity for the purposes of subsection 314(1AB) of the Corporations Act 2001 (as inserted by item 38 of this Schedule) after that item commences. (3) However, subitem (2) of this item does not apply in respect of a member of a company, registered scheme or disclosing entity if the member has previously requested, under section 316 of the Corporations Act 2001, the company, scheme or entity not to send him or her the material required by section 314 of that Act.
Concise report
314(2)
A concise report for a financial year consists of: (a) a concise financial report for the year drawn up in accordance with accounting standards made for the purposes of this paragraph; and (aa) the sustainability report for the year; and (b) the directors ' report for the year (see sections 298 - 300A ); and (c) a statement by the auditor:
(i) that the financial report has been audited; and
(d) a copy of any qualification in, and of any statements included in the emphasis of matter section of, the auditor ' s report on the financial report; and (da) the auditor ' s report on the sustainability report for the year; and (e) a statement that the report is a concise report and that the full financial report and auditor ' s report will be sent to the member free of charge if the member asks for them.
(ii) whether, in the auditor ' s opinion, the concise financial report complies with the accounting standards made for the purposes of paragraph (a); and
314(2A)
If paragraph (1AF)(a) or (b) applies to the company for the financial year mentioned in subsection (1) , apply subsection (2) to the company in relation to that financial year with the following modifications: (a) insert the words " if the company ' s financial report for the year is required to be audited - " at the start of each of paragraphs (2)(c) and (d) ; (b) omit the words " and that the full financial report and auditor ' s report will be sent to the member free of charge if the member asks for them " in paragraph (2)(e) .
314(3)
If the accounting standards made for the purposes of paragraph (2)(a) require a discussion and analysis to be included in a concise financial report: (a) the auditor must report on whether the discussion and analysis complies with the requirements that the accounting standards lay down for the discussion and analysis; and (b) the auditor does not otherwise need to audit the statements made in the discussion and analysis.
314(4) - 314(6)
(Repealed by No 101 of 2007, s 3, Sch 1, Pt 1 [ 40].)
[ CCH Note: Act No 101 of 2007, Sch 1, Pt 6 [ 233] contained the following application provision (which was effective 28 June 2007):
Application of items 34, 35, 38 to 41 and 169
(1) The amendments made by items 34, 35, 38 to 41 and 169 of this Schedule apply to a report for a financial year that ends on or after the day on which those items commence. (2) A company, registered scheme or disclosing entity must notify each member of the company, scheme or entity for the purposes of subsection 314(1AB) of the Corporations Act 2001 (as inserted by item 38 of this Schedule) after that item commences. (3) However, subitem (2) of this item does not apply in respect of a member of a company, registered scheme or disclosing entity if the member has previously requested, under section 316 of the Corporations Act 2001, the company, scheme or entity not to send him or her the material required by section 314 of that Act.]
CCH Note - modifying legislative instruments: Section 314 is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and the ASIC Corporations (Financial Reporting by Stapled Entities) Instrument 2023/673.
For modifying legislative instruments or class orders before 1 January 2022, 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.
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