Western Australian Current Acts Western Australian Current Acts (1) To grant an
exemption under section 244ZZD or 244ZZE, the Registrar must be satisfied that
complying with the relevant requirements of the target provisions would
—
(a) make
the financial report or other reports misleading; or
(b) be
inappropriate in the circumstances; or
(c)
impose unreasonable burdens.
(2) In deciding for
the purposes of subsection (1) whether the audit requirements for a small
co-operative, or a class of small co-operatives, would impose an unreasonable
burden on the co-operative or co-operatives, the Registrar is to have regard
to —
(a) the
expected costs of complying with the audit requirements; and
(b) the
expected benefits of having the co-operative or co-operatives comply with the
audit requirements; and
(c) any
practical difficulties that the co-operative or co-operatives face in
complying effectively with the audit requirements (in particular, any
difficulties that arise because a financial year is the first one for which
the audit requirements apply or because the co-operative or co-operatives are
likely to move frequently between the small and large co-operative categories
from one financial year to another); and
(d) any
unusual aspects of the operation of the co-operative or co-operatives during
the financial year concerned; and
(e) any
other matters that the Registrar considers relevant.
(3) In assessing
expected benefits under subsection (2), the Registrar is to take account of
—
(a) the
number of creditors and potential creditors; and
(b) the
position of creditors and potential creditors (in particular, their ability to
independently obtain financial information about the co-operative or
co-operatives); and
(c) the
nature and extent of the liabilities of the co-operative or co-operatives.
[Section 244ZZF inserted: No. 7 of 2016 s. 85.]