Document ID: chunk:federal_register_of_legislation:C2004A04707:front:0:p16
Version: federal_register_of_legislation:C2004A04707
Segment Type: other
Provision Reference: 
Character Range: 39442–42250

relation to disclosing entities that are
prescribed interest undertakings

Introduction

"323B.(1) This Division deals with various accounting and reporting requirements to be complied with in relation to a disclosing entity that is an undertaking to which prescribed interests relate.

  "(2) In this Division:

     (a) the trustee or representative in relation to the prescribed interests is referred to as the trustee; and

     (b) the management company in relation to the prescribed interests is referred to as the manager.

SCHEDULE 1—continued

Profit and loss account

"323C. Before the deadline after the accounting period, the trustee must prepare, or cause to be prepared, a profit and loss account for that period that gives a true and fair view of the profit or loss for that period resulting from the operations of the undertaking.

Balance-sheet

"323D. Before the deadline after the accounting period, the trustee must prepare, or cause to be prepared, a balance-sheet as at the end of that period that gives a true and fair view of the state of affairs of the undertaking as at the end of that period.

Accounts to comply with regulations

"323E. The trustee must ensure that the accounts comply with such of the prescribed requirements as are relevant to the accounts.

Accounts to comply with applicable accounting standards

"323F. Subject to section 323E, the trustee must ensure that the accounts are prepared in accordance with applicable accounting standards.

Additional information to give a true and fair view

"323G. If the accounts, as prepared in accordance with sections 323E and 323F, would not otherwise give a true and fair view of the matters with which this Division requires them to deal, the trustee must add, or cause to be added, such information and explanations as will give a true and fair view of those matters.

Audit or review of accounts

"323H.(1) The trustee must take reasonable steps to ensure that, before the deadline after the accounting period, a registered company auditor gives to the trustee a written report:

  (a) stating that the accounts have been audited; and

    (b) stating whether or not, as a result of that audit, in the auditor's opinion, the accounts are properly drawn up:

        (i) so as to give a true and fair view of the matters with which this Division requires them to deal; and

      (ii) in accordance with this Law; and

     (iii) in accordance with applicable accounting standards; and

    (c) if the auditor is of the opinion that the accounts are not so drawn up—stating the auditor's reasons for that opinion; and

SCHEDULE 1—continued

    (d) if the auditor is of the opinion that the accounts are not drawn up in accordance with a particular applicable accounting standard—giving particulars of the quantified