273Contents of annual financial report (cf Corporations Act s 295)

273 Contents of annual financial report (cf Corporations Act s 295)

(1) Basic contents

The financial report for a financial year consists of:

(a) the financial statements for the year; and

(b) the notes to the financial statements; and

(c) the directors’ declaration about the statements and notes.

(2) Financial statements

The financial statements for the year are:

(a) the financial statements in relation to the entity reported on that are required by the accounting standards; and

(b) if the accounting standards require financial statements in relation to a consolidated entity—the financial statements in relation to the consolidated entity that are required by the accounting standards.

(3) Notes to financial statements

The notes to the financial statements are:

(a) disclosures required by the National Regulations; and

(b) notes required by the accounting standards; and

(c) any other information necessary to give a true and fair view (see section 275).

(4) Directors’ declaration

The directors’ declaration is a declaration by the directors:

(a) whether, in the directors’ opinion, there are reasonable grounds to believe that the co-operative will be able to pay its debts as and when they become due and payable; and

(b) whether, in the directors’ opinion, the financial statements and notes are in accordance with this Law, including:

(i) section 274; and

(ii) section 275; and

(c) if the co-operative has quoted securities—that the directors have been given the declarations required by section 295A of the Corporations Act (as applying under section 277).

Note. Section 295A of the Corporations Act (as applying under section 277) requires the chief executive officer and chief financial officer of a co-operative with quoted securities to make an additional declaration described in that section.

(5) Directors’ declaration—particular requirements

The directors’ declaration must:

(a) be made in accordance with a resolution of the directors; and

(b) specify the date on which the declaration is made; and

(c) be signed by a director.