Associations Incorporation Regulation 2010
8 Financial statements for Tier 1 associations
(1) For the purposes of section 43 (2) of the Act, the financial statements prepared by a Tier 1 association must:(a) include details of any mortgages, charges and other securities affecting any property owned by the association, and(b) include a separate income and expenditure statement and balance sheet for each trust for which the association is the trustee.(2) The Director-General may exempt an association, or a class of associations, from the requirement to prepare financial statements in accordance with the Australian Accounting Standards.(3) Such an exemption may be given either generally or as otherwise specified in the exemption.