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