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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.