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 Academy to be prepared from time to time; and

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

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

(iv) complies with any written directions of the Minister.