Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet

Offence title:

Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet

Act:

989B Corporations Act

Offence:

(1)   A financial services licensee must, in respect of each financial year, prepare a true and fair profit and loss statement and balance sheet in accordance with this Subdivision.

Note: Failure to comply with this subsection is an offence: s.1311(1).

(2)   The licensee must lodge the statement and balance sheet with ASIC in accordance with this Subdivision.

Note: Failure to comply with this subsection is an offence: s.1311(1).

(3)   The licensee must, with the statement and balance sheet, lodge an auditor’s report with ASIC containing the information and matters required by the regulations.

Note: Failure to comply with this subsection is an offence: s.1311(1).

Penalty:

(1), (2) and (3) 5 years imprisonment per offence.

Summary/Indictable/mixed:

Mixed

Jurisdiction:

Local, District or Supreme Court

How committed:

A financial services licensee fails to prepare true and accurate balance sheet and profit and loss statements as required.