Document ID: chunk:federal_register_of_legislation:C2004A04707:front:0:p13
Version: federal_register_of_legislation:C2004A04707
Segment Type: other
Provision Reference: 
Character Range: 31365–34306

in accordance with this Law".

42. Subsection 296(2):

  Add at the end "or (3)".

43. Paragraph 300(1)(a):

  Omit "current year amount", substitute "current period amount".

44. Paragraph 300(1)(b):

  Omit the paragraph, substitute:

SCHEDULE 1—continued

    "(b) that section required the company's financial statements for a previous accounting period to specify an amount that, within the meaning of an applicable accounting standard, is a corresponding amount in relation to the current period amount;".

45. Paragraphs 300(1)(c) and (d):

  Omit "year", substitute "period".

46. Subsection 300(2):

  Omit "or a corresponding previous law".

47. Paragraph 300(2)(b):

  Omit "or corresponding previous law".

48. Before subsection 301(1):

  Insert:

"(1A) This section applies to a company and an accounting period unless the accounting period is a half-year in relation to which the company is a chief entity.".

49. Subsection 301(1):

  (a) Omit "A", substitute "The".

  (b) Omit "a financial year", substitute "the accounting period".

50. Paragraph 301(9)(c):

  Insert "or reviewed" after "audited".

51. Subsection 303(1):

  Insert "section 302," after "section 301,".

52. Subsection 304(1):

  Omit the subsection, substitute:

"(1) The directors of a company that is not a chief entity in relation to an accounting period must cause to be made out a report complying with this Division, other than section 305.

  "(1A) If the accounting period is a financial year of a company:

  (a) that was not a disclosing entity at the end of that financial year; and

     (b) that was, at the end of that financial year, an exempt proprietary company or a wholly-owned subsidiary of another company or of a recognised company;

the report need not comply with subsections (3A), (3B), (10) and (11).".

SCHEDULE 1—continued

53. After subsection 304(3):

  Insert:

"(3A) The report must contain a review of the company's operations during the accounting period and of the results of those operations.

"(3B) The report must give particulars of any significant change in the company's state of affairs that occurred during that accounting period.

"(3C) If the accounting period is a financial year, the report must also comply with subsections (4), (5), (6), (7), (10) and (11).".

54. Subsections 304(4), (5), (6), (7), (10) and (11):

Omit "The report shall", substitute "If subsection (3C) applies, the report must".

55. Subsections 304(8) and (9):

  Omit the subsections.

56. Subsection 305(1):

  Omit the subsection, substitute:

"(1) The directors of a company that is a chief entity in relation to an accounting period must cause to be made out a report complying with this Division, other than section 304.

  "(1A) If the accounting period is a financial year of a company:

  (a) that was not a disclosing entity at the end of that financial year; and

    (b) that was an exempt proprietary company at the end