THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

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PART 2M.3 - FINANCIAL REPORTING

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Division 4 - Annual financial reporting to members

SECTION 314   ANNUAL FINANCIAL REPORTING TO MEMBERS  

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314(1)  Full or concise report to members.  

A company, registered scheme or disclosing entity must report to members for a financial year by either:

(a)  sending members copies of:

(i) the financial report for the year; and
(ii) the directors' report for the year (see sections 298 - 300); and
(iii) the auditor's report on the financial report; or

(b)  sending members a concise report for the year that complies with subsection (2).

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314(2)  Concise report.  

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

(b)  the directors' report for the year (see sections 298 - 300); and

(c)  a statement by the auditor:

(i) that the financial report has been audited; and
(ii) whether, in the auditor's opinion, the concise financial report complies with the accounting standards made for the purposes of paragraph (a); 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

(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.

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314(3)  [Discussion and analysis]  
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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.

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