13Financial statements for Tier 1 associations

13 Financial statements for Tier 1 associations

13 Financial statements for Tier 1 associations

(1) For the Act, section 43(2), the financial statements prepared for a Tier 1 association must include the following—

(a) the details of mortgages, charges and other securities affecting property owned by the association,

(b) a separate income and expenditure statement and balance sheet for each trust for which the association is a trustee.

(2) For the Act, section 107(1)(d), the Secretary may exempt a Tier 1 association, or a class of Tier 1 associations, from the requirement to prepare financial statements in accordance with the Australian Accounting Standards.

(3) An exemption may apply—

(a) generally, or

(b) as otherwise specified in the exemption.