Extract from draft Australian Charities and Not-for-profits Commission Regulation 2012
Part 1	Preliminary
1	Name of regulation
		This regulation is the Australian Charities and Not-for-profits Commission Regulation 2012.
2	Commencement
		This regulation commences on the earlier of:
	(a)	1 July 2013; and
	(b)	the day after it is registered.
3	Definitions
		In this regulation:
accounting standards—see section 300-5 of the Act.
Act means the Australian Charities and Not-for-profits Commission Act 2012.
registered entity means an entity that is registered under Division 10 of the Act.
Part 3	Requirements for annual financial reports
6	Purpose of Part
		This Part prescribes requirements for annual financial reports, for subsection @60-15 (1) of the Act.
7	Contents of annual financial report
		A registered entity’s financial report for a financial year consists of:
	(a)	the registered entity’s financial statements for the year; and
	(b)	the notes to the financial statements; and
	(c)	the responsible entities’ declaration about the statements and notes.
8	Financial statements and notes
	(1)	The financial statements for the financial year are the financial statements in relation to the registered entity that are required to be prepared by the accounting standards.
	(2)	The notes to the financial statements are:
	(a)	notes required by the accounting standards; and
	(b)	any other information necessary to give a true and fair view of the financial position and performance of the registered entity.
	(3)	The financial statements and notes:
	(a)	must give a true and fair view of the financial position and performance of the registered entity; and
	(b)	subject to subsections (4) and (5), must comply with the accounting standards.
Note 1   The accounting standards set out a test for whether a registered entity will need to prepare a general purpose financial report or a special purpose financial report.
Note 2   If the financial statements and notes prepared in compliance with the accounting standards would not give a true and fair view, additional information must be included in the notes to the financial statements under paragraph (2)(b).
	(4)	Paragraphs 38 to 44 of AASB 101 do not apply to a registered entity for:
	(a)	the financial year that commences on 1 July 2013; or
	(b)	if the Commissioner approves a different accounting period, under subsection 60-85 (1) of the Act—the accounting period that starts during the financial year that commences on 1 July 2013.
	(5)	If the accounting standards are inconsistent with Subdivisions 60-E and 60-G of the Act then, to the extent of the inconsistency, the financial statements and notes do not have to comply with the accounting standards.
Note   In requiring further information under Subdivision 60-E, or allowing joint and collective reporting under Subdivision 60-G, the Commissioner may specify requirements relating to the information or reports, including particular accounting standards that do not need to be complied with.
9	Responsible entities’ declaration
	(1)	The responsible entities’ declaration is a declaration by the responsible entities of the registered entity that states:
	(a)	whether, in their opinion, there are reasonable grounds to believe that the registered entity is able to pay all of its debts, as and when they become due and payable; and
	(b)	whether, in their opinion, the financial statements and notes satisfy the requirements of the Act.
	(2)	The declaration must be signed by a responsible entity that is authorised to do so by the responsible entities.

Extract from draft amendment of Corporations Regulations 2001
[1]	Regulation 2M.4.01A
substitute
2M.4.01A	Membership designations (Act s 324BE)
		For paragraph 324BE (1) (b) of the Act, a designation mentioned in an item of the table is prescribed for membership of the professional accounting body mentioned in the item.

Item	Professional accounting body	Designation	
1	Institute of Chartered Accountants in Australia	CA; or 
FCA	
2	Certified Practising Accountants Australia	CPA; or
FCPA	
3	Institute of Public Accountants	FIPA or
MIPA	

Note
1.	All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.