333‑10.01 Financial reports333‑10.01 Financial reports

#### 333‑10.01 Financial reports (1) For subsection 333‑10(1) of the Act, a financial report for a financial year is to contain: (a) the financial statements for the year; and (b) the notes to the financial statements; and (c) the directors’ declaration about the statements and the notes. (2) The financial statements for the year are: (a) the financial statements for the Aboriginal and Torres Strait Islander corporation that are required by the accounting standards; or (b) if compliance with the accounting standards requires the corporation to include other entities in its financial statements—consolidated financial statements for the corporation and those entities. > Note: For accounting standards applicable to an Aboriginal and Torres Strait Islander corporation, see subregulation 333‑15.01(4). (3) The notes to the financial statements are: (a) the notes required by the accounting standards; and (b) any other information necessary to give a true and fair view of the financial position and performance of the corporation or consolidated entity. (4) The directors’ declaration is a declaration by the directors of the corporation: (a) whether, in the directors’ opinion, there are reasonable grounds to believe that the corporation will be able to pay its debts when they become due and payable; and (b) whether, in the directors’ opinion, the financial statements and notes are in accordance with these Regulations, including: (i) compliance with the accounting standards; and (ii) providing a true and fair view of the financial position and performance of the corporation or consolidated entity. (5) The directors’ declaration must: (a) be made in accordance with a resolution of the directors; and (b) mention the date when the resolution was made; and (c) be signed by a director of the corporation. (6) The financial statements and notes for a financial year must give a true and fair view of the financial position and performance of the corporation or consolidated entity. > Note: For the definition of accounting standard, see section 700‑1 of the Act.