sec.165Accounts [SM, s 175 ]

sec.165 Accounts [SM, s 175 ]

The body corporate must— keep proper accounting records; and prepare for each financial year a statement of accounts showing the income and spending, or receipts and payments, of the body corporate for the financial year. The statement of accounts may be prepared on a cash or accrual basis. If the accounts are prepared on a cash basis, they must include disclosure of the following— total contributions paid in advance to the administrative and sinking funds; total contributions in arrears, and total outstanding penalties; balances for all financial institution accounts and investments; all outstanding receipts and payments. If the accounts are prepared on an accrual basis, they must show the assets and liabilities of the body corporate at the end of the financial year. The statement of accounts must include— the corresponding figures for the previous financial year, unless the statement is for the body corporate’s first financial year; and disclosure of all remuneration, allowances or expenses paid to members of the committee, identifying the total amounts paid to each member during the financial year under the following categories— remuneration or allowances; expenses, split up into travelling, accommodation, meal and other expenses. A copy of the statement of accounts must accompany the notice of the next annual general meeting held after the end of the financial year for which the accounts are prepared. (sec.165-ssec.1) The body corporate must— keep proper accounting records; and prepare for each financial year a statement of accounts showing the income and spending, or receipts and payments, of the body corporate for the financial year. (sec.165-ssec.2) The statement of accounts may be prepared on a cash or accrual basis. (sec.165-ssec.3) If the accounts are prepared on a cash basis, they must include disclosure of the following— total contributions paid in advance to the administrative and sinking funds; total contributions in arrears, and total outstanding penalties; balances for all financial institution accounts and investments; all outstanding receipts and payments. (sec.165-ssec.4) If the accounts are prepared on an accrual basis, they must show the assets and liabilities of the body corporate at the end of the financial year. (sec.165-ssec.5) The statement of accounts must include— the corresponding figures for the previous financial year, unless the statement is for the body corporate’s first financial year; and disclosure of all remuneration, allowances or expenses paid to members of the committee, identifying the total amounts paid to each member during the financial year under the following categories— remuneration or allowances; expenses, split up into travelling, accommodation, meal and other expenses. (sec.165-ssec.6) A copy of the statement of accounts must accompany the notice of the next annual general meeting held after the end of the financial year for which the accounts are prepared.