Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 302

302. (1) The directors of a company that is a group holding company at the end
of a particular financial year shall cause to be attached to group accounts
that are included in the company's financial statements for the financial year
a statement that complies with this section and subsection 303 (2).

(2) The statement shall state whether or not, in the directors' opinion, the
group accounts give a true and fair view of:

   (a)  the group's profit or loss for; and

   (b)  the group's state of affairs as at the end of; that financial year of
        the company and the corresponding financial years of the other bodies
        corporate in the group, so far as the profit or loss and state of
        affairs concern members of the company.

(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:

   (a)  in the case of circumstances or information concerning the company-the
        end of the financial year; or

   (b)  in the case of circumstances or information concerning another body
        corporate in the group-the end of the corresponding financial year of
        that body; and that would, if the group 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 group accounts to reflect
circumstances or information of a kind referred to in subsection (3) that are
or is relevant to understanding the group accounts or an amount or particular
in them, the statement shall include such information and explanations as will
prevent the group accounts, or that amount or particular, from being
misleading because adjustments have not been so made.

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

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

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

   (a)  state why the group 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 group
        accounts of failing to make them out in accordance with that
        accounting standard.

(8) If, pursuant to section 326, the company did not appoint an auditor to
audit the group accounts, the statement shall state whether they have been
properly prepared by a competent person.

(9) If:

   (a)  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; and

   (b)  each body corporate that was a subsidiary of the company at any time
        during the financial year has been dormant throughout each period
        since the start of the financial year during which it was a subsidiary
        of the company; the statement shall state that the company and each
        such body corporate have so been dormant.