RURAL LANDS PROTECTION ACT 1998 - SECT 55B Preparation of financial reports

This legislation has been repealed.

RURAL LANDS PROTECTION ACT 1998 - SECT 55B

55B Preparation of financial reports

(1) An authority must prepare a financial report for each financial year, and must refer the report for audit as soon as practicable (having regard to the requirements of section 55D (1)) after the end of that financial year.

Note: Under section 55D (1), an authority's financial report for a year must be prepared and submitted to its auditor within the period of 3 months after the end of that financial year.

(2) An authority's financial report must include:

(a) a general purpose financial report, which is to include the following:

(i) a balance sheet as at the end of the year,

(ii) an income statement for the year,

(iii) a cash flow statement for the year,

(iv) a statement on changes in equity for the year,

(v) such notes as are proper and necessary to explain the statements or other documents referred to in subparagraphs (i)-(iv), and

(b) any other matter prescribed by the regulations, and

(c) any other matter required to be included in the report by the guidelines issued by the State Council.

(3) The general purpose financial report must be prepared in accordance with this Act and the regulations and the requirements of:

(a) the Australian Accounting Standards issued by the Australian Accounting Standards Board, as in force for the time being, subject to the regulations, and

(b) such other standards as may be prescribed by the regulations or adopted by the guidelines.