sec.39Preparation of annual financial statements for statutory bodies— Act , s 62

sec.39 Preparation of annual financial statements for statutory bodies— Act , s 62

This section prescribes, for section 62 (1) of the Act , requirements for preparing annual financial statements for a statutory body, other than final financial statements. For the requirements for preparing final financial statements for an abolished statutory body, see section 45 . A statutory body must, for each financial year, prepare the statutory body’s annual financial statements in accordance with the minimum reporting requirements stated in the financial reporting requirements document. The chairperson of, and the person responsible for the financial administration of, a statutory body must certify on the annual financial statements whether, in their opinion, the prescribed requirements for establishing and maintaining the statutory body’s resource management systems have been complied with in all material respects. Also, the persons mentioned in subsection (3) must certify on the annual financial statements whether, in their opinion— for general purpose financial statements—the statements present a true and fair view, in accordance with the prescribed accounting standards, of the statutory body’s transactions for the financial year and financial position at the end of the financial year; and for other annual financial statements—the statements present a true and fair view of the statutory body’s transactions for the financial year and financial position at the end of the financial year. A statutory body must, within the period stated in section 41 , give the annual financial statements to the authorised auditor for the statutory body for audit. (sec.39-ssec.1) This section prescribes, for section 62 (1) of the Act , requirements for preparing annual financial statements for a statutory body, other than final financial statements. For the requirements for preparing final financial statements for an abolished statutory body, see section 45 . (sec.39-ssec.2) A statutory body must, for each financial year, prepare the statutory body’s annual financial statements in accordance with the minimum reporting requirements stated in the financial reporting requirements document. (sec.39-ssec.3) The chairperson of, and the person responsible for the financial administration of, a statutory body must certify on the annual financial statements whether, in their opinion, the prescribed requirements for establishing and maintaining the statutory body’s resource management systems have been complied with in all material respects. (sec.39-ssec.4) Also, the persons mentioned in subsection (3) must certify on the annual financial statements whether, in their opinion— for general purpose financial statements—the statements present a true and fair view, in accordance with the prescribed accounting standards, of the statutory body’s transactions for the financial year and financial position at the end of the financial year; and for other annual financial statements—the statements present a true and fair view of the statutory body’s transactions for the financial year and financial position at the end of the financial year. (sec.39-ssec.5) A statutory body must, within the period stated in section 41 , give the annual financial statements to the authorised auditor for the statutory body for audit.