Document ID: chunk:federal_register_of_legislation:F2023C01018:reg:6:p14
Version: federal_register_of_legislation:F2023C01018
Segment Type: reg
Provision Reference: reg 6 (pt 14/15)
Character Range: 65415–68368

position and performance of the registered entity; and
 (b) subject to Subdivision 60‑C, must comply with the accounting standards.
Note 1: The accounting standards set out the test for whether a registered entity will need to prepare a general purpose financial statement or can instead prepare a special purpose financial statement. See section 60.30 of this instrument for the accounting standards that must be complied with in preparing a special purpose financial statement.
Note 2: If the financial statements and notes prepared in compliance with the accounting standards would not give a true and fair view, additional information must be included in the notes to the financial statements under paragraph (2)(b).

60.15  Responsible entities' declaration
 (1) The responsible entities' declaration is a declaration by the responsible entities of the registered entity that states:
 (a) whether, in their opinion, there are reasonable grounds to believe that the registered entity is able to pay all of its debts, as and when they become due and payable; and
 (b) whether, in their opinion, the financial statements and notes satisfy the requirements of the Act.
 (2) The declaration must be signed by a responsible entity that is authorised to do so by each of the responsible entities.

Subdivision 60‑BA—Auditors

60.17  Prescribed entities undertaking audits or reviews
  The following entities are prescribed for the purposes of paragraph 60‑30(1)(d) of the Act:
 (a) an individual who holds office as, or is for the time being exercising the powers and performing the duties of:
 (i) the Auditor‑General; or
 (ii) the Auditor‑General for a State or Territory;
 (b) an individual to whom the Auditor‑General for the Commonwealth, or for a State or Territory, delegates:
 (i) the function of conducting an audit; or
 (ii) the power to conduct an audit.

Subdivision 60‑C—Requirements for annual financial reports (special rules)

60.20  Application of Subdivision 60‑C
  This Subdivision applies if the accounting standards are inconsistent with Subdivisions 60‑E and 60‑G of the Act.

60.25  Resolution of inconsistency
  The financial statements and notes mentioned in Subdivision 60‑B of this Division do not have to comply with the accounting standards to the extent to which the accounting standards are inconsistent with Subdivisions 60‑E and 60‑G of the Act.
Note 1: In requiring further information under Subdivision 60‑E of the Act, or allowing joint and collective reporting under Subdivision 60‑G of the Act, the Commissioner may specify requirements relating to the information or reports, including particular accounting standards that do not need to be complied with.
Note 2: A registered entity would not breach a requirement in the accounting standards to prepare a general purpose financial statement if this Subdivision does not require the entity to comply with the requirement.

60.30  Special purpose financial statements