141Preparation and retention of accounts

#### 141 Preparation and retention of accounts (1) This section applies to a company if the company was an airport‑operator company throughout the whole or a part of a financial year. Preparation of accounts (2) The company must, in respect of the whole or part, as the case may be, of the financial year, prepare such accounts and statements as are specified in, or ascertained in accordance with, the regulations. However, this rule does not apply if the regulations declare that the company is exempt from this section. Regulations may deal with the preparation of accounts (3) The regulations may make provision for and in relation to the preparation of accounts and statements covered by subsection (2). If the regulations make such provision, the accounts and statements covered by subsection (2) must be prepared in accordance with the regulations. This subsection does not, by implication, limit subsection (2). Accounts to be signed (4) The accounts and statements prepared in accordance with subsection (2) must be signed by at least 2 directors of the company. Retention of accounts for 5 years (5) The company must retain the accounts and statements prepared in accordance with subsection (2) for 5 years after the end of the period to which they relate. Offence (6) A company commits an offence if: (a) the company is subject to a requirement under this section; and (b) the company engages in conduct; and (c) the company’s conduct contravenes the requirement. Penalty: 100 penalty units. Strict liability (6A) Strict liability applies to paragraph (6)(a). > Note: For strict liability, see section 6.1 of the Criminal Code. Incorporation of AASB accounting standards (7) Regulations made for the purposes of this section may make provision for or in relation to a matter by applying, adopting or incorporating (with or without modification) any matter contained in an AASB accounting standard as in force or existing from time to time. For this purpose, an AASB accounting standard is an accounting standard made by the Australian Accounting Standards Board under section 334 of the Corporations Act 2001.