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ASSOCIATIONS INCORPORATION ACT 2015 - SECT 63

ASSOCIATIONS INCORPORATION ACT 2015 - SECT 63

63 .         Financial reports of tier 2 and tier 3 associations

        (1)         The financial report for a financial year of a tier 2 association or tier 3 association consists of —

            (a)         the financial statements for the year; and

            (b)         the notes to the financial statements; and

            (c)         the management committee’s declaration about the statements and notes.

        (2)         The notes to the financial statements of an incorporated association are —

            (a)         the disclosures required by the regulations; and

            (b)         notes required by the accounting standards; and

            (c)         any other information necessary to give a true and fair view of the financial position and performance of the association.

        (3)         The management committee’s declaration is a declaration by the management committee stating —

            (a)         whether, in the management committee’s opinion, there are reasonable grounds to believe that the association will be able to pay its debts as and when they become due and payable; and

            (b)         whether, in the management committee’s opinion, the financial statements and notes are in accordance with this Part.

        (4)         The management committee’s declaration must —

            (a)         be made in accordance with a resolution of the management committee; and

            (b)         specify the date on which the declaration is made; and

            (c)         be signed by at least 2 members of the management committee who are authorised to do so by the management committee.