A Company May Be Exempted from the Requirements of S

question 16

Multiple Choice

A company may be exempted from the requirements of s.296 of The Corporations Act if:

• A) It is a small proprietary company within the definition of the Act.
• B) A special meeting of 75 per cent of the shareholders convened under s. 293 agrees to the preparation of financial reports that do not comply with those accounting standards.
• C) The report is prepared in response to a shareholder direction under s. 293 and the direction specifies that the report does not have to comply with those accounting standards.
• D) It is a small proprietary company within the definition of the Act, the report is prepared in response to a shareholder direction under s. 293 and the direction specifies that the report does not have to comply with those accounting standards.

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Definitions:

Technology Developed

Technology developed refers to the creation and implementation of new technical methods, tools, or devices to improve products or processes.

Mission Statement

A formal summary of the aims and values of a company, organization, or individual.

Operational Strategy

A plan focusing on the efficient allocation and use of resources within a company to achieve its long-term objectives.