283 Application of Corporations Act – audit and auditor's report
this jurisdiction in relation to Division 3 of Part 2M.3 of the
(a) section 308(3AA) of the applied provisions is to be read as if
the words "company limited by guarantee" were omitted and
the words "small co-operative" were substituted;
Co-operatives (National Uniform Legislation) Act 2015 181
(b) section 311(5) of the applied provisions is to be read as if the
reference to section 344 of the Corporations Act were a
reference to section 328 of this Law;
(c) the modifications referred to in sections 13(3) and 264 of this
Note
Division 8 Annual 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
Co-operatives (National Uniform Legislation) Act 2015 182
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
concise financial report (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:
(a) sending, to each member who has made the election referred
to in subsection (6)(a):
(i) a hard copy of the reports, or the concise report; or
Co-operatives (National Uniform Legislation) Act 2015 183
(ii) if the member has elected to receive the reports, or the
concise report, as an electronic copy in accordance with
subsection (6)(c) – an electronic copy of the reports, or
the concise report;
(b) making a copy of the reports, or the concise report, readily
accessible on a website;
(c) directly notifying, in writing, all members who did not make the
election referred to in subsection (6)(a) that the copy is
accessible on the website, and specifying the direct address
on the website where the reports, or the concise report, may
be accessed.
Note
A direct address may be specified, for example, by specifying the URL of the
reports or the concise report.
6 Election by members as to how reports are to be provided
(cf Corporations Act s 314(1AB))
For the purposes of subsection (5)(a), a co-operative must, on at
least one occasion, directly notify in writing each member that:
(a) the member may elect to receive, free of charge, a copy of the
reports for each financial year, or a copy of the concise report
for each financial year; and
(b) if the member does not so elect – the member may access the
reports, or the concise report, on a specified website; and
(c) if the member does so elect and the co-operative offers to
send the report either as a hard copy or an electronic copy –
the member may elect to receive the copy as either a hard
copy or an electronic copy.
7 Election continues until changed (cf Corporations Act s 314(1AC))
An election made under subsection (6) is a standing election for
each later financial year until the member changes his, her or its
election.
Note
The member may request the co-operative not to send them material under this
section – see section 316 of the Corporations Act as applying under this Part.
Co-operatives (National Uniform Legislation) Act 2015 184
8 Restriction on electronic notification of members (cf Corporations
Act s 314 (1AD))
A member may, for the purposes of subsection (5)(c) or
subsection (6), be notified by electronic means only if the member
has previously nominated that means as one by which the member
may be notified.
9 Providing reports (cf Corporations Act s 314(1AE))
A co-operative may provide the reports, or the concise report, by
sending each member:
(a) a hard copy of the reports, or the concise report; or
(b) an electronic copy of the reports, or the concise report, if the
member has nominated that means as one by which the
member may be sent the reports or the concise report.
10 Strict liability (cf Corporations Act s 314(1A))
An offence based on subsection (1), (2) or (6) is an offence of strict
285 Deadline for reporting to members
1 General rule (cf Corporations Act s 315(4))
A co-operative must report to members under section 284 within
5 months after the end of the financial year, except where
section 315(1) of the Corporations Act as applying under
subsection (2) applies to the co-operative.
2 Application of Corporations Act – rule for co-operatives that are
disclosing entities
A co-operative that is a disclosing entity within the meaning of the
Corporations Act is declared to be an applied Corporations
legislation matter for the purposes of the Corporations application
legislation of this jurisdiction in relation to section 315(1) of the
(a) the applied provision is to be read as if the words
"four months" were omitted and the words "5 months" were
substituted;
Co-operatives (National Uniform Legislation) Act 2015 185
(b) the modifications referred to in sections 13(3) and 264 of this
Note