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CO-OPERATIVES NATIONAL REGULATIONS - REG 3.15
Synchronising financial years of co-operative and controlled entities (section 295(4)) (cf Corporations Act section 323D(3) and (4))
3.15 Synchronising financial years of co-operative and controlled entities
(section 295(4)) (cf Corporations Act section 323D(3) and (4))
(1) The purpose of this regulation is to provide for the adoption by a
co-operative of the same financial year for each entity that the co-operative
controls, as contemplated by section 295(4) of the Law.
(2) A co-operative
that has to prepare consolidated financial statements must do whatever is
necessary to ensure that the financial years of the consolidated entities are
synchronised with its own financial years.
(3) The co-operative must achieve
this synchronisation by the end of 12 months after the situation that calls
for consolidation arises.
(4) To facilitate this synchronisation, the
financial year for a controlled entity may be extended or shortened, but the
extended financial year cannot be longer than 18 months.
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