284Annual financial reporting to members

284 Annual financial reporting to members

(1) Annual reports for members of large co-operatives (cf Corporations Act s 314 (1))

A large co-operative must report to members for a financial year by providing either of the following in accordance with subsection (5) or (9):

(a) all of the following reports:

(i) the financial report for the year;

(ii) the directors’ report for the year;

(iii) the auditor’s report on the financial report;

(b) a concise report for the year that complies with subsection (3).

(2) Annual reports for members of small co-operatives (cf Corporations Act s 314 (1))

Subject to any direction under section 271 or 272, a small co-operative must provide financial reports to members for a financial year that comply with any requirements prescribed by the National Regulations.

(3) Concise report (cf Corporations Act s 314 (2))

A concise report of a large co-operative for a financial year consists of:

(a) a concise financial report for the year drawn up in accordance with accounting standards applying for the purposes of this paragraph; and

(b) the directors’ report for the year; and

(c) a statement by the auditor:

(i) that the financial report has been audited; and

(ii) whether, in the auditor’s opinion, the concise financial report complies with the accounting standards applying for the purposes of paragraph (a); and

(d) a copy of any qualification in, and of any statements included in the emphasis of matter section of, the auditor’s report on the financial report; and

(e) a statement that the report is a concise report and that the full financial report and auditor’s report will be sent to the member free of charge if the member asks for them.

(4) Where accounting standards require discussion and analysis for (cf Corporations Act s 314 (3))

If the accounting standards applying for the purposes of subsection (3) (a) require a discussion and analysis to be included in a concise financial report:

(a) the auditor must report on whether the discussion and analysis complies with the requirements that the accounting standards lay down for the discussion and analysis; and

(b) the auditor does not otherwise need to audit the statements made in the discussion and analysis.

(5) Manner of providing reports (cf Corporations Act s 314 (1AA))

A co-operative may provide the reports, or the concise report, for a financial year by doing all of the following: