New South Wales Consolidated Acts

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Preparation of financial reports

413 Preparation of financial reports

(1) A council must prepare financial reports for each year, and must refer them for audit as soon as practicable (having regard to the requirements of section 416(1)) after the end of that year.
Note : Under section 416(1), a council's financial reports for a year must be prepared and audited within 4 months after the end of the year concerned, and under section 428(4)(a) the audited financial reports must be included in the council's annual report.
(2) A council's financial reports must include--
(a) a general purpose financial report, and
(b) any other matter prescribed by the regulations, and
(c) a statement in the approved form by the council as to its opinion on the general purpose financial report.
(3) The general purpose financial report must be prepared in accordance with this Act and the regulations and the requirements of--
(a) the publications issued by the Australian Accounting Standards Board, as in force for the time being, subject to the regulations, and
(b) such other standards as may be prescribed by the regulations.

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