(1)  Each Corporation must maintain financial records that accurately reflect and record the transactions and financial position and performance of the business of the Corporation and its subsidiaries.

(2)  Within 45 days after the end of a financial year, the Board of a Corporation is to –

(a) prepare the financial statements of the Corporation relating to that financial year; and

(b) if the Corporation has subsidiaries, prepare consolidated financial statements in respect of the Corporation and all its subsidiaries relating to that financial year; and

(c) provide the Auditor-General with the Corporation's financial statements and the consolidated financial statements.

(3)  The financial statements must –

(a) contain the documents, statements and information required by, and otherwise comply with, the Treasurer's Instructions; and

(b) subject to the Treasurer's Instructions, comply with Australian Accounting Standards; and

(c) be signed or certified as specified in the Treasurer's Instructions.

(4)  The Treasurer may direct the Board of a Corporation to include in the financial statements any financial information that he or she considers appropriate.

(5)  The provisions of Chapter 2M of the Corporations Act apply to each Corporation as if it were a large proprietary company (within the meaning given to that term by that Act) for the purposes of that Chapter.

(6)  The Auditor-General is to be the auditor of a Corporation for the purposes of the Corporations Act.

(7)  The Auditor-General must provide the Board of a Corporation and the Treasurer with a copy of his or her opinion in respect of the financial statements of the Corporation given under section 40 of the Financial Management and Audit Act 1990 .