sec.122Accounts [ SM, s 175 ]

sec.122 Accounts [ SM, s 175 ]

The body corporate must— keep proper accounting records; and prepare for each financial year a statement of accounts. The statement of accounts mentioned in subsection (1) (b) must— show the income and spending of the body corporate for the financial year; and include a statement of the assets and liabilities of the body corporate at the end of the financial year; and include the corresponding figures for the previous financial year (unless the statement is for the body corporate’s first financial year). 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.122-ssec.1) The body corporate must— keep proper accounting records; and prepare for each financial year a statement of accounts. (sec.122-ssec.2) The statement of accounts mentioned in subsection (1) (b) must— show the income and spending of the body corporate for the financial year; and include a statement of the assets and liabilities of the body corporate at the end of the financial year; and include the corresponding figures for the previous financial year (unless the statement is for the body corporate’s first financial year). (sec.122-ssec.3) 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.

• (a) keep proper accounting records; and
• (b) prepare for each financial year a statement of accounts.
• (a) show the income and spending of the body corporate for the financial year; and
• (b) include a statement of the assets and liabilities of the body corporate at the end of the financial year; and
• (c) include the corresponding figures for the previous financial year (unless the statement is for the body corporate’s first financial year).