ASSOCIATIONS INCORPORATION REGULATIONS 2016 - REG 20
ASSOCIATIONS INCORPORATION REGULATIONS 2016 - REG 20
20 . Transitional provisions relating to compliance with accounting standards (s. 211)
(1) In this
regulation —
accounting standards has the meaning given in
section 62 of the Act;
Australian law means a written law or a law of the
Commonwealth, another State or a Territory;
financial report has the meaning given in section
63 of the Act.
(2) This regulation
applies in relation to an incorporated association if the
association —
(a) was
not required, under an Australian law, to prepare a financial report that
complied with the accounting standards in respect of the financial year of the
association (the relevant financial year ) immediately preceding the first
financial year of the association that commences on or after 1 July 2016;
and
(b) did
not prepare a financial report for the relevant financial year that complied,
or purported to comply, with the accounting standards.
(3) Part 5 of the Act
does not apply to the financial report for the first financial year of an
incorporated association that commences on or after 1 July 2016 to
the extent that that Part requires the report to comply with the accounting
standards.