Western Australian Consolidated Acts Western Australian Consolidated Acts [Heading inserted by No. 67 of 2004 s. 43.]
[s. 40(1)]
[Heading inserted by No. 67 of 2004 s. 43.]
(1) In this Schedule,
unless the contrary intention appears —
financial year has the meaning given by
clause 23(1);
regulations means regulations made under the
Corporations Act .
(2) In this Schedule,
unless the contrary intention appears, expressions (including the expressions
accounting standard , company and financial records ) have the respective
meanings given to those terms in Part 1.2 of the Corporations Act .
[Clause 1 inserted by No. 67 of 2004
s. 43.]
Division 2 — Financial records
[Heading inserted by No. 67 of 2004 s. 43.]
2 . Obligation to keep financial records
(cf. s. 286 Corporations Act )
(1) The Authority must
keep written financial records that —
(a)
correctly record and explain its transactions and financial position and
performance; and
(b)
would enable true and fair financial statements to be prepared and audited.
(2) The obligation to
keep financial records of transactions extends to transactions undertaken as
trustee.
(3) The financial
records must be retained for 7 years after the transaction covered by the
records are completed.
[Clause 2 inserted by No. 67 of 2004
s. 43.]
(cf. s. 288 Corporations Act )
If financial records
are kept in electronic form, they must be convertible into hard copy. Hard
copy must be made available within a reasonable time to a person who is
entitled to inspect the records.
[Clause 3 inserted by No. 67 of 2004
s. 43.]
4 . Place where records are kept
(cf. s. 289 Corporations Act )
(1) The Authority may
decide where to keep the financial records.
(2) If financial
records about particular matters are kept outside Australia, sufficient
written information about those matters must be kept in Australia to enable
true and fair financial statements to be prepared.
(3) The Authority must
give the Treasurer written notice of the place where the information is kept.
(4) The Minister may
direct the Authority to produce specified financial records that are kept
outside Australia.
(5) The direction must
—
(a) be
in writing; and
(b)
specify a place in Australia where the records are to be produced (the place
must be reasonable in the circumstances); and
(c)
specify a day (at least 14 days after the direction is given) by which
the records are to be produced.
[Clause 4 inserted by No. 67 of 2004
s. 43.]
(cf. s. 290 Corporations Act )
(1) A director has a
right of access to the financial records at all reasonable times.
(2) On application by
a director, the Supreme Court may authorise a person to inspect the financial
records on the director’s behalf.
(3) A person
authorised to inspect records may make copies of the records unless the
Supreme Court orders otherwise.
(4) The Supreme Court
may make any other orders it considers appropriate, including either or both
of the following —
(a) an
order limiting the use that a person who inspects the records may make of
information obtained during the inspection;
(b) an
order limiting the right of a person who inspects the records to make copies
in accordance with subclause (3).
[Clause 5 inserted by No. 67 of 2004
s. 43.]
Division 3 — Financial reporting
[Heading inserted by No. 67 of 2004 s. 43.]
Subdivision 1 — Annual financial reports and directors’
reports
[Heading inserted by No. 67 of 2004 s. 43.]
6 . Preparation of annual financial reports and
directors’ reports
(cf. s. 292 Corporations Act )
A financial report and
a directors’ report must be prepared for each financial year by the
Authority before 30 September.
[Clause 6 inserted by No. 67 of 2004
s. 43.]
7 . Contents of annual financial report
(cf. s. 295 Corporations Act )
(1) The financial
report for a financial year consists of —
(a) the
financial statements for the year; and
(b) the
notes to the financial statements; and
(c) the
directors’ declaration about the statements and notes.
(2) The financial
statements for the year are —
(a) a
profit and loss statement for the year; and
(b) a
balance sheet as at the end of the year; and
(c) a
statement of cash flows for the year; and
(d) if
required by the accounting standards — a consolidated profit and loss
statement, balance sheet and statement of cash flows.
(3) The notes to the
financial statements are —
(a)
disclosures required by the regulations; and
(b)
notes required by the accounting standards; and
(c) any
other information necessary to give a true and fair view.
(4) The
directors’ declaration is a declaration by the directors —
(a) that
the financial statements, and the notes referred to in subclause (3)(b),
comply with the accounting standards; and
(b) that
the financial statements and notes give a true and fair view; and
(c)
whether, in the directors’ opinion, there are reasonable grounds to
believe that the Authority will be able to pay its debts as and when they
become due and payable; and
(d)
whether, in the directors’ opinion, the financial statements and notes
are in accordance with this Schedule, including —
(i)
clause 8 (compliance with accounting standards and
regulations); and
(ii)
clause 9 (true and fair view).
(5) The declaration
must —
(a) be
made in accordance with a resolution of the directors; and
(b)
specify the date on which the declaration is made; and
(c) be
signed by at least 2 directors.
[Clause 7 inserted by No. 67 of 2004
s. 43.]
8 . Compliance with accounting standards and
regulations
(cf. s. 296 Corporations Act )
(1) The financial
report for a financial year must comply with the accounting standards.
(2) The financial
report must comply with any further requirements in the regulations.
[Clause 8 inserted by No. 67 of 2004
s. 43.]
(cf. s. 297 Corporations Act )
(1) The financial
statements and notes for a financial year must give a true and fair view of
—
(a) the
financial position and performance of the Authority; and
(b) if
consolidated financial statements are required under
clause 7(2)(d) — the financial position and performance of the
consolidated entity of which the Authority is part.
(2) This clause does
not affect the obligation under clause 8 for a financial report to comply
with accounting standards.
[Clause 9 inserted by No. 67 of 2004
s. 43.]
(cf. s. 298 Corporations Act )
(1) The Authority must
prepare a directors’ report for each financial year.
(2) The report must
include —
(a) the
general information required by clause 11; and
(b) the
specific information required by clause 12.
(3) The report must
—
(a) be
made in accordance with a resolution of the directors; and
(b)
specify the date on which the report is made; and
(c) be
signed by at least 2 directors.
[Clause 10 inserted by No. 67 of 2004
s. 43.]
11 . Annual directors’ report —
general information
(cf. s. 299 Corporations Act )
(1) The
directors’ report for a financial year must —
(a)
contain a review of operations during the year of the Authority and the
results of those operations; and
(b) give
details of any significant changes in the Authority’s state of affairs
during the year; and
(c)
state the Authority’s principal activities during the year and any
significant changes in the nature of those activities during the year; and
(d) give
details of any matter or circumstance that has arisen since the end of the
year that has significantly affected, or may significantly affect —
(i)
the Authority’s operations in future financial
years; or
(ii)
the results of those operations in future financial
years; or
(iii)
the Authority’s state of affairs in future
financial years;
and
(e)
refer to likely developments in the Authority’s operations in future
financial years and the expected results of those operations; and
(f) if
the Authority’s operations are subject to any particular and significant
environmental regulation under a law of the State or of the Commonwealth or of
another State or a Territory — give details of the Authority’s
performance in relation to environmental regulation.
(2) If consolidated
financial statements are required under clause 7(2)(d), the report must
be on the consolidated entity of which the Authority is part.
(3) The report may
omit material that would otherwise be included under subclause (1)(e) if
it is likely to result in unreasonable prejudice to —
(a) the
Authority; or
(b) if
consolidated financial statements are required under clause 7(2)(d)
— the consolidated entity or any entity (including the Authority) that
is part of the consolidated entity.
(4) If material is
omitted from the report, the report must say so.
[Clause 11 inserted by No. 67 of 2004
s. 43.]
12 . Annual directors’ report —
specific information
(cf. s. 300 Corporations Act )
(1) The
directors’ report for a financial year must include details of —
(a)
dividends or distributions paid during the year; and
(b)
dividends or distributions recommended or declared for payment, but not paid,
during the year; and
(c) the
name of each person who has been a director of the Authority at any time
during or since the end of the year and the period for which they were a
director.
(2) The report must
also include details of —
(a) each
director’s qualifications, experience and special responsibilities; and
(b) the
number of meetings of the board held during the year and each director’s
attendance at those meetings; and
(c) the
number of meetings of each board committee held during the year and each
director’s attendance at those meetings.
(3) Details do not
have to be included in the directors’ report for a financial year if
they are included in the financial report for that financial year.
[Clause 12 inserted by No. 67 of 2004
s. 43.]
13 . Annual directors’ report — other
specific information
(cf. s. 300A Corporations Act )
The directors’
report for a financial year must also include —
(a)
discussion of board policy for determining the nature and amount of emoluments
of senior executives of the Authority; and
(b)
discussion of the relationship between such policy and the Authority’s
performance; and
(c)
details of the nature and amount of each element of the emolument of each
director and each of the 5 named officers of the Authority receiving the
highest emolument.
[Clause 13 inserted by No. 67 of 2004
s. 43.]
14 . Audit of annual financial report
(cf. s. 301 Corporations Act )
The Authority must
have the financial report for a financial year audited by the Auditor General
in accordance with Subdivision 2 and clauses 33 and 34 and obtain an
auditor’s report.
[Clause 14 inserted by No. 67 of 2004
s. 43.]
Subdivision 2 — Audit and auditor’s report
[Heading inserted by No. 67 of 2004 s. 43.]
(cf. s. 307 Corporations Act )
The Auditor General
must form an opinion about —
(a)
whether the financial report is in accordance with this Schedule, including
—
(i)
clause 8 (compliance with accounting standards and
regulations); and
(ii)
clause 9 (true and fair view);
and
(b)
whether he or she has been given all information, explanation and assistance
necessary for the conduct of the audit; and
(c)
whether the Authority has kept financial records sufficient to enable a
financial report to be prepared and audited; and
(d)
whether the Authority has kept other records and registers as required by this
Schedule.
[Clause 15 inserted by No. 67 of 2004
s. 43.]
16 . Auditor General’s report on annual
financial report
(cf. s. 308 Corporations Act )
(1) The Auditor
General must report to the Minister on whether he or she is of the opinion
that the financial report is in accordance with this Schedule, including
—
(a)
clause 8 (compliance with accounting standards and regulations); and
(b)
clause 9 (true and fair view).
(2) If not of that
opinion, the Auditor General’s report must say why.
(3) If the Auditor
General is of the opinion that the financial report does not comply with an
accounting standard, his or her report must, to the extent it is practicable
to do so, quantify the effect that non-compliance has on the financial report.
(4) If it is not
practicable to quantify the effect fully, the report must say why.
(5) The Auditor
General’s report must describe —
(a) any
defect or irregularity in the financial report; and
(b) any
deficiency, failure or shortcoming in respect of the matters referred to in
clause 15.
(6) The report must
specify the date on which it is made.
(7) The Auditor
General must give a copy of the report to the directors as soon as practicable
after it has been given to the Minister.
[Clause 16 inserted by No. 67 of 2004
s. 43.]
17 . Auditor General’s power to obtain
information
(cf. s. 310 Corporations Act )
The Auditor General
—
(a) has
a right of access at all reasonable times to the books of the Authority; and
(b) may
require any officer to give the Auditor General information, explanations or
other assistance for the purposes of the audit or review.
[Clause 17 inserted by No. 67 of 2004
s. 43.]
18 . Assisting Auditor General
(cf. s. 312 Corporations Act )
An officer of the
Authority must —
(a)
allow the Auditor General access to the books of the Authority; and
(b) give
the Auditor General any information, explanation or assistance required under
clause 17.
[Clause 18 inserted by No. 67 of 2004
s. 43.]
Subdivision 3 — Special provisions about consolidated
financial statements
[Heading inserted by No. 67 of 2004 s. 43.]
19 . Directors and officers of controlled entity
to give information
(cf. s. 323 Corporations Act )
If the Authority has
to prepare consolidated financial statements, a director or officer of a
controlled entity must give the Authority all information requested that is
necessary to prepare the consolidated financial statements and the notes to
those statements.
[Clause 19 inserted by No. 67 of 2004
s. 43.]
20 . Auditor General’s power to obtain
information from controlled entity
(cf. s. 323A Corporations Act )
(1) Where the
financial report includes consolidated financial statements, the Auditor
General —
(a) has
a right of access at all reasonable times to the books of any controlled
entity; and
(b) may
require any officer of the entity to give the Auditor General information,
explanations or other assistance for the purposes of the audit or review.
(2) Any information,
explanation or other assistance required under subclause (1)(b) is to be
given at the expense of the Authority.
[Clause 20 inserted by No. 67 of 2004
s. 43.]
21 . Controlled entity to assist Auditor General
(cf. s. 323B Corporations Act )
If the Authority has
to prepare a financial report that includes consolidated financial statements,
an officer or auditor of a controlled entity must —
(a)
allow the Auditor General access to the controlled entity’s books; and
(b) give
the Auditor General any information, explanation or assistance required under
clause 20.
[Clause 21 inserted by No. 67 of 2004
s. 43.]
22 . Application of subdivision to entity that has
ceased to be controlled
(cf. s. 323C Corporations Act )
Clauses 19, 20
and 21 apply to the preparation or audit of a financial report that covers a
controlled entity even if the entity is no longer controlled by the Authority
when its financial report is being prepared or audited.
[Clause 22 inserted by No. 67 of 2004
s. 43.]
Subdivision 4 — Financial years of the Authority and the entities
it controls
[Heading inserted by No. 67 of 2004 s. 43.]
(cf. s. 323D Corporations Act )
(1) The financial year
of the Authority is the 12 month period ending on 30 June.
(2) Where the
Authority has to prepare consolidated financial statements, it must do
whatever is necessary to ensure that the financial years of the consolidated
entities are synchronised with its own financial years.
(3) It must achieve
this synchronisation by the end of 12 months after the situation that
calls for consolidation arises.
[Clause 23 inserted by No. 67 of 2004
s. 43.]
Division 4 — Accounting standards
[Heading inserted by No. 67 of 2004 s. 43.]
(cf. s. 334 Corporations Act )
(1) An accounting
standard applies to —
(a)
periods ending after the commencement of the standard; or
(b)
periods ending, or starting, on or after a later date specified in the
standard.
(2) The Authority may
elect to apply the accounting standard to an earlier period unless the
standard says otherwise.
(3) The election must
be made in writing by the directors.
[Clause 24 inserted by No. 67 of 2004
s. 43.]
(cf. s. 335 Corporations Act )
This Schedule (and, in
particular, the provisions on consolidation of financial statements) does not
prevent accounting standards from incorporating equity accounting principles.
[Clause 25 inserted by No. 67 of 2004
s. 43.]
26 . Interpretation of accounting standards
(cf. s. 337 Corporations Act )
In interpreting an
accounting standard —
(a)
unless the contrary intention appears, expressions used in the standard have
the same meaning as they have in Chapter 2M of the Corporations Act ; and
(b) the
provisions of Part 1.2 of the Corporations Act apply as if the
standard’s provisions were provisions of that Chapter.
[Clause 26 inserted by No. 67 of 2004
s. 43.]
27 . Evidence of text of accounting standard
(cf. s. 339 Corporations Act )
(1) This clause
applies to a document that purports to be published by or on behalf of the
AASB or ASIC and to set out the text of —
(a) a
specified standard as in force at a specified time under section 334 of
the Corporations Act; or
(b) a
specified provision of a standard of that kind.
(2) It also applies to
a copy of a document of that kind.
(3) In the absence of
evidence to the contrary, a document to which this clause applies is proof in
proceedings under this Act that —
(a) the
specified standard was in force at that time under that section; and
(b) the
text set out in the document is the text of the standard referred to in
subclause (1)(a) or the provision referred to in subclause (1)(b).
[Clause 27 inserted by No. 67 of 2004
s. 43.]
Division 5 — Exemptions and modifications
[Heading inserted by No. 67 of 2004 s. 43.]
28 . Treasurer’s power to make specific
exemption orders
(cf. s. 340 Corporations Act )
(1) On an application
made in accordance with subclause (3) in relation to the Authority, the
Treasurer may make an order in writing relieving any of the following from all
or specified requirements of Divisions 2 and 3 —
(a) the
directors;
(b) the
Authority;
(c) the
Auditor General.
(2) The order may
—
(a) be
expressed to be subject to conditions; and
(b) be
indefinite or limited to a specified period.
(3) The application
must be —
(a)
authorised by a resolution of the directors; and
(b) in
writing and signed by a director; and
(c)
lodged with the Treasurer.
(4) The Treasurer must
give the Authority written notice of the making, revocation or suspension of
the order.
(5) If the Treasurer
makes an order under subclause (1) the Treasurer is to cause the text of
the order to be laid before each House of Parliament or dealt with under
section 45A within 14 days after the order is made.
[Clause 28 inserted by No. 67 of 2004
s. 43.]
29 . Criteria for specific exemption orders and
class orders
(cf. s. 342 Corporations Act )
To make an order under
clause 28, the Treasurer must be satisfied that complying with the
relevant requirements of Divisions 2 and 3 would —
(a) make
the financial report or other reports misleading; or
(b) be
inappropriate in the circumstances; or
(c)
impose unreasonable burdens.
[Clause 29 inserted by No. 67 of 2004
s. 43.]
Division 6 — Sanctions for contraventions of this Schedule
[Heading inserted by No. 67 of 2004 s. 43.]
30 . Compliance with Div. 2 and 3
(cf. s. 344 Corporations Act )
(1) A director of the
Authority must take all reasonable steps to comply with, or to secure
compliance with, Divisions 2 and 3.
(2) A person who
contravenes subclause (1) with intent to deceive or defraud the Minister
or the Treasurer or creditors of the Authority, is guilty of a crime and is
liable to a fine of $20 000 or imprisonment for 5 years, or both.
Summary conviction penalty: A fine of $12 000
or imprisonment for 3 years, or both.
(3) In
subclause (2) —
summary conviction penalty has the same meaning as
in section 5 of The Criminal Code .
(4) If
subclause (2) does not apply a person who contravenes subclause (1)
is liable to a fine of $5 000.
(5) Subclause (1)
does not apply to clause 17, 18, 20 or 21.
[Clause 30 inserted by No. 67 of 2004
s. 43.]
[Heading inserted by No. 67 of 2004 s. 43.]
31 . Deadline for reporting to Minister
(cf. s. 315 Corporations Act )
(1) In
subclause (2) —
prescribed day means the fifth working day after
receipt by the directors under clause 16 of the Auditor General’s
report.
(2) The Authority must
as soon as practicable but not later than the close of business on the
prescribed day in each year send to the Minister a copy of the annual report
required by section 25BA.
[Clause 31 inserted by No. 67 of 2004
s. 43.]
32 . Annual financial reporting to Minister
(cf. s. 314 Corporations Act )
The annual report of
the Authority under section 25BA is to contain the following documents
—
(a) the
financial report for the year;
(b) the
directors’ report for the year;
(c) the
Auditor General’s report on the financial report;
(d) a
copy of any order of the Treasurer under clause 28.
[Clause 32 inserted by No. 67 of 2004
s. 43.]
(1) If the Auditor
General cannot complete the audit of the Authority by 30 September in any
year he or she is to submit an interim report to the Minister setting out the
reasons for his or her inability to complete the audit by that date, and the
Minister is to cause copies of the report to be laid before both Houses of
Parliament or dealt with under section 45A within 7 sitting days of
receiving that report.
(2) Section 21 of
the Auditor General Act 2006 applies to the audit of the Authority.
[Clause 33 inserted by No. 67 of 2004
s. 43; amended by No. 77 of 2006 Sch. 1 cl. 182(6).]
34 . Powers and duties of Auditor General
(1) If the Auditor
General in the course of the performance of duties as auditor of the Authority
and its subsidiaries, is satisfied that —
(a)
there has been a contravention of any provision of this Schedule; and
(b) the
circumstances are such that in the Auditor General’s opinion the matter
has not been or will not be adequately dealt with by comment in the Auditor
General’s report on the financial statements or by bringing the matter
to the notice of the board,
the Auditor General is
to forthwith report the matter to the Minister in writing.
(2) The provisions of
sections 14, 16 to 18, 24 to 37, 45 and 46 of the Auditor General
Act 2006 apply to the Authority as if it were a statutory authority named
in Schedule 1 to the Financial Management Act 2006 .
[Clause 34 inserted by No. 67 of 2004
s. 43; amended by No. 77 of 2006 Sch. 1 cl. 182(7).]
(1) Where any
provision of this Schedule requires any act or thing to be observed or
performed by a certain date or within a specified time by a person, other than
the Auditor General, the Minister may on application by that person extend the
date of, or the time for observance or performance of such act or thing to
such date or time as the Minister thinks appropriate.
(2) Where the Minister
grants an extension of time under subclause (1), clause 28(5)
applies to the memorandum evidencing the extension as if it were an order
under clause 28(1).
[Clause 35 inserted by No. 67 of 2004
s. 43.]