23Requirement for financial reports to be prepared in compliance with accounting standards

23 Requirement for financial reports to be prepared in compliance with accounting standards

For the purposes of subsection 333‑15(1) and paragraph 333‑15(2)(e) of the Act, a financial report of an Aboriginal and Torres Strait Islander corporation must be prepared in compliance with the accounting standards: (a) to the extent that the accounting standards are capable of applying to an Aboriginal and Torres Strait Islander corporation; and (b) whether or not the corporation is, or would be, regarded as a reporting entity within the meaning of that term in the accounting standards.

Note: For the definition of accounting standard, see section 700‑1 of the Act.