274Compliance with accounting standards and regulations

#### 274 Compliance with accounting standards and regulations 274 Compliance with accounting standards and regulations (cf Corporations Act s 296) > > (1) The financial report for a financial year must comply with the accounting standards. > > > (2) However, a small co-operative’s financial report does not have to comply with particular accounting standards if— > > > > > (a) the report is prepared in response to a direction under section 271 or 272; and > > > > > (b) the direction specifies that the report does not have to comply with those accounting standards. > > > (3) The financial report must comply with any further requirements in the National Regulations.