The Board is to –

(a) keep accounting records that correctly record and explain its transactions (including any transactions as trustee) and financial position; and

(b) keep those records in a manner that –

(i) allows true and fair accounts of the Board to be prepared from time to time; and

(ii) allows the accounts of the Board to be conveniently and properly audited or reviewed; and

(iii) subject to any contrary written direction of the Treasurer, complies with Australian Accounting Standards; and

(iv) complies with any written directions of the Minister or Treasurer; and

(c) retain those records for a period of not less than 7 years after the completion of the transaction to which they relate or for such longer period as the Treasurer may determine and notify to the Board.