Corporations Amendment (Corporate Reporting Reform) Act 2010 (66 of 2010)

Schedule 1   Amendments relating to the Corporations Act 2001

Part 1   Main amendments

Corporations Act 2001

20   After subsection 296(1)

Insert:

Small proprietary companies

(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.

Small companies limited by guarantee

(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.

Note: The following heading to subsection 296(2) is inserted "Further requirements".