ASSOCIATIONS INCORPORATION ACT 2009 - SECT 43 Financial statements

ASSOCIATIONS INCORPORATION ACT 2009 - SECT 43

43 Financial statements

(1) As soon as practicable after the end of each financial year, the committee of a Tier 1 association--

(a) must cause financial statements for that year to be prepared in relation to the association's financial affairs (including its affairs as trustee of any trust), and

(b) must cause the financial statements to be audited in time for them to be submitted to the association's next annual general meeting.

: Maximum penalty--5 penalty units.

(2) The financial statements must be prepared in accordance with the Australian Accounting Standards and must deal with such matters as are prescribed by the regulations.

(3) The auditor's report--

(a) must be prepared in accordance with the Australian Auditing Standards, and

(b) must state whether the association has kept such financial records as are necessary to enable financial statements to be prepared in accordance with the Australian Accounting Standards.