ASSOCIATIONS INCORPORATION ACT 1991 - SECT 71 Accounting records

ASSOCIATIONS INCORPORATION ACT 1991 - SECT 71

An incorporated association must—

        (a)     keep accounting records that correctly record and explain the transactions (including any transactions as trustee) and the financial position of the association; and

        (b)     keep its accounting records in such a way that—

              (i)     true and fair accounts of the association can be prepared from time to time; and

              (ii)     a statement of the accounts of the association can conveniently and properly be reviewed or audited in accordance with this part; and

        (c)     retain its accounting records for at least 7 years after the transactions to which they relate were completed.

Maximum penalty: 20 penalty units.