Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 298

298. (1) Subject to section 297, a company's directors shall ensure that the
company's financial statements for a financial year are made out in accordance
with applicable accounting standards.

(2) Despite subsection (1), where a company's financial statements for a
financial year would not, if made out in accordance with a particular
applicable accounting standard, give a true and fair view of the matters with
which this Division requires the financial statements to deal, the directors
need not ensure that the financial statements are made out in accordance with
that accounting standard.