27Financial reports

#### 27 Financial reports Reporting requirements (1) For the purposes of subsections 333‑10(1) and 333‑15(1) and paragraph 333‑15(2)(e) of the Act, a financial report for a financial year: (a) must contain the information required by section 21 of this instrument; and (b) must be prepared in accordance with the requirements of section 23 of this instrument. Alternative reporting requirements (2) However, a financial report for a financial year prepared by an Aboriginal and Torres Strait Islander corporation may instead contain the information mentioned in subsection (3) if: (a) the corporation would not be required by the accounting standards to prepare consolidated financial statements for the financial year; and (b) at least 90% of the gross operating income of the corporation in the financial year consists of funding provided by one or more funding bodies; and (c) as a condition of the provision of funding, the corporation is required (by legislation or otherwise) to prepare and submit to the funding body or bodies, one or more annual reports accounting for the expenditure of the funding by the corporation over the full financial year. (3) For the purposes of subsection 333‑10(1) of the Act, the information is the following: (a) a copy of each annual report mentioned in paragraph (2)(c); (b) a copy of any auditor’s reports relating to those annual reports; (c) an income and expenditure statement for any income and expenditure of the corporation in the financial year which has not already been included in any of the annual reports; (d) a balance sheet disclosing any assets and liabilities of the corporation as at 30 June of the financial year which have not already been included in any of those annual reports; (e) a declaration by the corporation’s directors that: (i) is made in accordance with a resolution of the directors; and (ii) states 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 (iii) specifies the date when the resolution was made; and (iv) is signed by a director of the corporation.