Question

Identify and explain current financial legislation and statutory requirements relating to taxable transactions and reporting requirements.

Answer 1

The term financial legislation refers to the two categories of proposed laws or bills which are distinguished by sections of constitution and which have different procedures applied to them by the provisions of that sections.The Financial Management provides governing principles for the financial management of the territory and a financial framework within which agencies are required to manage their resources. This includes the accounting framework ,duties of accountable officers and principles of budget and funds management.

Statutory requirements relating to taxable transactions and reporting requirements as follows;

• To maintain financial records (s 286)
• To prepare an annual financial report and a directors report (s 292)
• To have the financial report audited (s 301)
• To lay those documents before the annual general meeting (s 317)
• To prepare a half year report (s 309)