Western Australian Current Acts Western Australian Current Acts (1) Within 6 months
after the end of each financial year, a tier 1 association in respect of the
financial year must prepare financial statements that give a true and fair
view of the financial position and performance of the association.
Penalty: a fine of $2 750.
(2) For the purposes
of subsection (1) —
(a) a
tier 1 association that uses the cash basis of accounting may prepare —
(i)
a statement of receipts and payments for the financial
year; and
(ii)
a reconciled statement of bank account balances as at the
end of the financial year; and
(iii)
a statement of assets and liabilities as at the end of
the financial year;
and
(b) a
tier 1 association that uses the accrual basis of accounting may prepare
—
(i)
a statement of income and expenditure for the financial
year; and
(ii)
a balance sheet.