Section 303 — Corporations Act 2001: Contents of half-year financial report

Basic contents (1) The financial report for a half-year consists of: (a) the financial statements for the half-year; and (b) the notes to the financial statements; and (c) the directors’ declaration about the statements and notes. Financial statements (2) The financial statements for the half-year are: (a) unless paragraph (b) applies—the financial statements in relation to the disclosing entity required by the accounting standards; or (b) if the accounting standards require the disclosing entity to prepare financial statements in relation to a consolidated entity—the financial statements in relation to the consolidated entity required by the accounting standards. Notes to financial statements (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 (see section 305). Directors’ declaration (4) The directors’ declaration is a declaration by the directors: (c) whether, in the directors’ opinion, there are reasonable grounds to believe that the disclosing entity will be able to pay its debts as and when they become due and payable; and (d) whether, in the directors’ opinion, the financial statement and notes are in accordance with this Act, including: (i) section 304 (compliance with accounting standards); and (ii) section 305 (true and fair view). Note: See paragraph 285(3)(c) for the reference to the debts of a disclosing entity that is a registered scheme. (5) The declaration must: (a) be made in accordance with a resolution of the directors; and (b) specify the day on which the declaration is made; and (c) be signed by a director. Note: Section 1228 deals with directors’ resolutions for CCIVs.