Full or concise report to members

(1) A company, registered scheme or disclosing entity must report to members for a financial year by either:

(a)

sending members copies of:

(i)

the financial report for the year; and

(ii)

the directors' report for the year (see sections 298-300); and

(iii)

the auditor's report on the financial report; or

(b)

sending members a concise report for the year that complies with subsection (2).

Concise report

(2) A concise report for a financial year consists of:

(a)

a concise financial report for the year drawn up in accordance with accounting standards made for the purposes of this paragraph; and

(b)

the directors' report for the year (see sections 298-300); and

(c)

a statement by the auditor:

(i)

that the financial report has been audited; and

(ii)

whether, in the auditor's opinion, the concise financial report complies with the accounting standards made for the purposes of paragraph (a); and

(d)

a copy of any qualification in, and of any statements included in the emphasis of matter section of, the auditor's report on the financial report; and

(e)

a statement that the report is a concise report and that the full financial report and auditor's report will be sent to the member free of charge if the member asks for them.

(3) If the accounting standards made for the purposes of paragraph (2)(a) require a discussion and analysis to be included in a concise financial report:

(a)

the auditor must report on whether the discussion and analysis complies with the requirements that the accounting standards lay down for the discussion and analysis; and

(b)

the auditor does not otherwise need to audit the statements made in the discussion and analysis.