Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 301

301. (1) A company's directors shall cause to be attached to the company's
accounts that are, or are included in, the company's financial statements for
a financial year a statement complying with this section and subsection 303
(2).

(2) The statement shall state whether or not, in the directors' opinion:

   (a)  the profit and loss account gives a true and fair view of the
        company's profit or loss for the financial year; and

   (b)  the balance-sheet gives a true and fair view of the company's state of
        affairs as at the end of the financial year.

(3) In forming their opinion for the purposes of subsection (2), the directors
shall have regard to circumstances that have arisen, and information that has
become available, since the end of the financial year and that would, if the
accounts had been made out when the statement is made, have affected the
determination of an amount or particular in them.

(4) If adjustments have not been made in the accounts to reflect circumstances
or information of a kind referred to in subsection (3) that are or is relevant
to understanding the accounts or an amount or particular in them, the
statement shall include such information and explanations as will prevent the
accounts, or that amount or particular, from being misleading because
adjustments have not been so made.

(5) The statement shall state whether or not, in the directors' opinion, there
are, when the statement is made, reasonable grounds to believe that the
company will be able to pay its debts as and when they fall due.

(6) The statement shall state whether or not the accounts have been made out
in accordance with all applicable accounting standards.

(7) If the applicable accounting standards include accounting standards that
apply in relation to the financial year because of an election under section 
285 , the statement shall specify those accounting standards and state that
they so apply.

(8) If the accounts have not been made out in accordance with a particular
applicable accounting standard, the statement shall:

   (a)  state why the accounts, if made out in accordance with that accounting
        standard, would not have given a true and fair view of the matters
        with which Division 4 requires them to deal; and

   (b)  give particulars of the quantified financial effect on the accounts of
        failing to make them out in accordance with that accounting standard.

(9) If, pursuant to section 326, the company did not appoint an auditor to
audit the accounts, the statement shall state whether or not the company has,
in respect of the financial year:

   (a)  kept such accounting records as correctly record and explain its
        transactions and financial position;

   (b)  so kept its accounting records that true and fair accounts of the
        company can be prepared from time to time; and

   (c)  so kept its accounting records that the accounts of the company can be
        conveniently and properly audited in accordance with this Act.

(10) The statement shall state whether or not the accounts have been properly
prepared by a competent person.

(11) If the company has been dormant throughout the period beginning at the
start of the financial year and ending on the day the statement is made, the
statement shall state that the company has so been dormant.