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.