48. Annual consolidated financial statements

(1) The Finance Minister must:

(a) prepare annual consolidated financial statements as soon as practicable after the end of each financial year; and

(b) give the statements to the Auditor-General as soon as practicable after they are prepared.

(2) The annual consolidated financial statements must:

(a) comply with the accounting standards and any other requirements prescribed by the rules; and

(b) present fairly the consolidated financial position, financial performance and cash flows.

(3) If the Finance Minister has not given the annual consolidated financial statements to the Auditor-General within 5 months after the end of the financial year, the Finance Minister must cause to be tabled in each House of the Parliament a statement of the reasons why the statements were not given to the Auditor-General within that period.

Last updated: 13 January 2016