Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 303

Basic contents

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

  (a)   the financial statements for the half - 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 half - year are:

  (a)   unless paragraph   (b) applies--the financial statements in relation to the disclosing entity required by the accounting standards; or

  (b)   if the accounting standards require the disclosing entity to prepare financial statements in relation to a consolidated entity--the financial statements in relation to the consolidated entity required by the accounting standards.

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   305).

Directors' declaration

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

  (c)   whether, in the directors' opinion, there are reasonable grounds to believe that the 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   304 (compliance with accounting standards); and

  (ii)   section   305 (true and fair view).

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

  (5)   The declaration must:

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

  (b)   specify the day on which the declaration is made; and

  (c)   be signed by a director.

Note:   Section   1228 deals with directors' resolutions for CCIVs.