Section 297 of the Corporations Act States That Financial Statements

Section 297 of the Corporations Act states that financial statements must provide a true and fair view of an entity's financial position and performance. However, when compliance with the accounting standards results in financial statements which would not produce a true and fair view, the Corporations Act requires the entity to:

A) not comply with the accounting standards.
B) not comply with the accounting standards and write a letter to the shareholders explaining the non-compliance.
C) still comply with the accounting standards and provide additional information in the notes to the financial statements to give a true and fair view.
D) request an exemption from the AASB.