Basic contents

(1) The financial report for a financial year consists of:

(a)

the financial statements for the year; and

(b)

the notes to the financial statements; and

(c)

the directors' declaration about the statements and notes.

Financial statements

(2) The financial statements for the year are:

(a)

a profit and loss statement for the year; and

(b)

a balance sheet as at the end of the year; and

(c)

a statement of cash flows for the year; and

(d)

if required by the accounting standards—a consolidated profit and loss statement, balance sheet and statement of cash flows.

Notes to financial statements

(3) The notes to the financial statements are:

(a)

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 (see section 297).

Directors' declaration

(4) The directors' declaration is a declaration by the directors:

(a)

that the financial statements, and the notes referred to in paragraph (3)(b), comply with the accounting standards; and

(b)

that the financial statements and notes give a true and fair view (see section 297); and

(c)

whether, in the directors' opinion, there are reasonable grounds to believe that the company, registered scheme or disclosing entity will be able to pay its debts as and when they become due and payable; and

(d)

whether, in the directors' opinion, the financial statement and notes are in accordance with this Act, including:

(i)

section 296 (compliance with accounting standards); and

(ii)

section 297 (true and fair view).

Note: See paragraph 285(3)(c) for the reference to the debts of a registered scheme.

(5) The declaration must:

(a)

be made in accordance with a resolution of the directors; and

(b)

specify the date on which the declaration is made; and

(c)

be signed by a director.