21Financial reports

#### 21 Financial reports (1) For the purposes of subsection 333‑10(1) of the Act, a financial report for a financial year prepared by an Aboriginal and Torres Strait Islander corporation must contain: (a) the financial statements for the financial 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 financial year are: (a) the financial statements for the 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—the consolidated financial statements for the consolidated entity. > Note: For accounting standards applicable to an Aboriginal and Torres Strait Islander corporation, see section 23. (3) The notes to the financial statements are: (a) the notes to the financial statements 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 the consolidated entity (as the case may be). (4) The financial statements for the financial year and the notes to the financial statements must give a true and fair view of the financial position and performance of the corporation or the consolidated entity (as the case may be). (5) The directors’ declaration about the statements and the notes is a declaration by the corporation’s directors: (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 for the financial year and the notes to the financial statements are in accordance with this instrument, including: (i) whether they comply with the accounting standards; and (ii) whether they provide a true and fair view of the financial position and performance of the corporation or the consolidated entity (as the case may be). (6) The directors’ declaration about the statement and the notes must: (a) be made in accordance with a resolution of the directors; and (b) specify the date when the resolution was made; and (c) be signed by a director of the corporation.