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.