Compliance with accounting standards and regulations
(1) The financial report for a financial year must comply with the accounting standards. 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; and (c) paragraph 292(2)(c) (about having CSF shareholders) does not apply to the company for the financial year. 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. Further requirements (2) The financial report must comply with any further requirements in the regulations.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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