Western Australian Current Acts Western Australian Current Acts (1) The financial
report for a financial year consists of —
(a) the
financial statements for the year; and
(b) the
notes to the financial statements; and
(c) the
directors’ declaration about the statements and notes.
(2) The financial
statements for the year are —
(a) the
financial statements in relation to the entity that are required by the
accounting standards; and
(b) if
the accounting standards require financial statements in relation to a
consolidated entity — the financial statements in relation to the
consolidated entity required by the accounting standards.
(3) The notes to the
financial statements are —
(a)
disclosures required by the regulations; and
(b)
notes required by the accounting standards; and
(c) any
other information necessary to give a true and fair view (see section 244M).
(4) The
directors’ declaration is a declaration by the directors —
(a)
whether, in the directors’ opinion, there are reasonable grounds to
believe that the co-operative will be able to pay its debts as and when they
become due and payable; and
(b)
whether, in the directors’ opinion, the financial statements and notes
are in accordance with this Act, including —
(i)
section 244L; and
(ii)
section 244M;
and
(c) if
the co-operative has quoted securities — that the directors have been
given the declarations required by the Corporations Act section 295A (as
applying under section 244O).
(5) The
directors’ declaration must —
(a) be
made in accordance with a resolution of the directors; and
(b)
specify the date on which the declaration is made; and
(c) be
signed by a director.
[Section 244K inserted: No. 7 of 2016 s. 85.]