Corporations Act. Australia

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      (d) be signed by the person making the declaration.

      A person who performs both a chief executive function and a chief financial officer function may make a single declaration in both capacities.

      (4) A person performs a chief executive function in relation to the company, disclosing entity or registered scheme if the person is the person who is primarily and directly responsible to the directors for the general and overall management of the company, disclosing entity or registered scheme.

      (5) If there is no one person who performs a chief executive function in relation to the company, disclosing entity or registered scheme under subsection (4), a person performs a chief executive function in relation to the company, disclosing entity or registered scheme if the person is one of a number of people who together are primarily and directly responsible to the directors for the general and overall management of the company, disclosing entity or registered scheme.

      (6) A person performs a chief financial officer function in relation to the company, disclosing entity or registered scheme if that person is the person who is:

      (a) primarily responsible for financial matters in relation to the company, disclosing entity or registered scheme; and

      (b) directly responsible for those matters to either:

      (i) the directors; or

      (ii) the person or persons who perform the chief executive function in relation to the company.

      (7) If there is no one person who performs a chief financial officer function in relation to the company, disclosing entity or registered scheme under subsection (6), a person performs a chief financial officer function in relation to the company, disclosing entity or registered scheme if the person is one of a number of people who together are:

      (a) primarily responsible for financial matters in relation to the company, disclosing entity or registered scheme; and

      (b) directly responsible for those matters to either:

      (i) the directors; or

      (ii) the person or persons who perform the chief executive function in relation to the company.

      (8) Nothing in this section derogates from the responsibility that a director has for ensuring that financial statements comply with this Act.

      296 Compliance with accounting standards and regulations

      (1) The financial report for a financial year must comply with the accounting standards.

      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.

      Further requirements

      (2) The financial report must comply with any further requirements in the regulations.

      297 True and fair view

      The financial statements and notes for a financial year must give a true and fair view of:

      (a) the financial position and performance of the company, registered scheme or disclosing entity; and

      (b) if consolidated financial statements are required — the financial position and performance of the consolidated entity.

      This section does not affect the obligation under section 296 for a financial report to comply with accounting standards.

      Note: If the financial statements and notes prepared in compliance with the accounting standards would not give a true and fair view, additional information must be included in the notes to the financial statements under paragraph 295(3)(c).

      298 Annual directors’ report

      (1) The company, registered scheme or disclosing entity must prepare a directors’ report for each financial year.

      (1AA) Except in the case of a company limited by guarantee, the report must include:

      (a) the general information required by sections 299 (all entities) and 299A (additional requirements for listed entities); and

      (b) the specific information required by sections 300 and 300A; and

      (c) a copy of the auditor’s declaration under section 307C in relation to the audit for the financial year.

      (1AB) In the case of a company limited by guarantee, the report must include:

      (a) the general information required by section 300B; and

      (b) a copy of the auditor’s declaration under section 307C in relation to the audit or review for the financial year.

      (1A) If the financial report for a financial year includes additional information under paragraph 295(3)(c) (information included to give true and fair view of financial position and performance), the directors’ report for the financial year must also:

      (a) set out the directors’ reasons for forming the opinion that the inclusion of that additional information was necessary to give the true and fair view required by section 297; and

      (b) specify where that additional information can be found in the financial report.

      (2) The report must:

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

      (b) specify the date on which the report is made; and

      (c) be signed by a director.

      Small proprietary companies

      (3) A small proprietary company does not have to comply with subsection (1) for a financial year if:

      (a) it is preparing financial statements for that year in response to a shareholder direction under section 293; and

      (b) the direction specified that a directors’ report need not be prepared.

      Small companies limited by guarantee

      (4) A small company limited by guarantee does not have to comply with subsection (1) for a financial СКАЧАТЬ