Document ID: chunk:federal_register_of_legislation:C2010A00066:clause:1_20
Version: federal_register_of_legislation:C2010A00066
Segment Type: clause
Provision Reference: sch 1 cl 20
Character Range: 19575–20425

20  After subsection 296(1)
Insert:

Small proprietary companies
 (1A) Despite subsection (1), the financial report of a small proprietary company does not have to comply with particular accounting standards if:
 (a) the report is prepared in response to a shareholder direction under section 293; and
 (b) the direction specifies that the report does not have to comply with those standards.

Small companies limited by guarantee
 (1B) Despite subsection (1), the financial report of a small company limited by guarantee does not have to comply with particular accounting standards if:
 (a) the report is prepared in response to a member direction under section 294A; and
 (b) the direction specifies that the report does not have to comply with those standards.
Note: The following heading to subsection 296(2) is inserted "Further requirements".