Document ID: chunk:federal_register_of_legislation:C2004A04707:front:0:p14
Version: federal_register_of_legislation:C2004A04707
Segment Type: other
Provision Reference: 
Character Range: 34083–37095

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 of that financial year;

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

57. After subsection 305(3):

  Insert:

  "(3A) The report must contain a review of:

    (a) the operations, during the accounting period, of the economic entity constituted by the company and the entities it controlled from time to time during the accounting period (even if the company did not control the same entities throughout the accounting period); and

  (b) the results of those operations.

"(3B) The report must give particulars of any significant change in the state of affairs of the economic entity referred to in paragraph (3A)(a) that occurred during the accounting period.

SCHEDULE 1—continued

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

58. Subsections 305(4) and (5):

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

59. Subsections 305(6) and (7):

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

60. Subsections 305(8), (9) and (9A):

  Omit the subsections.

61. Subsections 305(10) and (11):

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

62. Section 305:

  Add at the end:

"(12) If the company controlled a particular entity throughout some, but not all, of the accounting period, the report need not relate to the entity's activities, operations or state of affairs during a period throughout which the company did not control it, or to the results of such operations.".

63. Section 306:

Omit all the words from and including "If" to and including "included:", substitute "If the directors believe, on reasonable grounds, that to include in the report particular information that subsection 304(11) or 305(11) requires would be likely to result in unreasonable prejudice to the company:".

64. Paragraph 306(a):

  Omit "first-mentioned".

65. Subsection 308(1):

  Omit the subsection, substitute:

  "(1) If:

  (a) the accounting period is a financial year; and

  (b) subsection 304(1) applies;

this section applies in relation to the company.".

66. Subsection 308(2):

Omit all the words from and including "If" to and including "that:", substitute:

SCHEDULE 1—continued

"If:

  (aa) the accounting period is a financial year; and

  (ab) subsection 305(1) applies;

this section applies in relation to each body corporate that:".

67. Subsection 309(1):

  Omit "other financial year", substitute "other accounting period".

68. Subsections 312(1) and (2):

Omit "particular financial year", substitute "particular accounting period".

69. Subsection 313(1):

  After "audit" insert "or review".

70. Subsection 317(1) (definition of "financial year"):

Omit "under this Part", substitute