4UAccounting records

4U Accounting records

[Section 4U Amended by No. 55 of 2004, s. 25, Applied:01 Jul 2005] [Section 4U Inserted by No. 23 of 1999, s. 12, Applied:01 Jul 1999] The Authority must –

(a) keep such accounting records as correctly record and explain its transactions, including any transactions as trustee, and financial position; and

(b) keep those records in a manner that –

(i) [Section 4U Amended by No. 55 of 2004, s. 25, Applied:01 Jul 2005] allows true and fair accounts of the Authority to be prepared from time to time; and

(ii) allows its accounts to be conveniently and properly audited or reviewed; and

(iii) complies with Australian Accounting Standards; and

(c) retain those records for a period of not less than 7 years after the completion of the transaction to which they relate.