461Group financial statements must be prepared

1. Every FMC reporting entity that has, on the balance date of the entity, 1 or more subsidiaries must ensure that, within 4 months after that balance date, group financial statements that comply with generally accepted accounting practice are—

2. completed in relation to the group and that balance date; and
3. dated and signed on behalf of the entity by 2 directors of the entity or, if the entity has only 1 director, by that director.

4. Section 460 does not apply to an FMC reporting entity in relation to a balance date if the entity has, on that date, 1 or more subsidiaries (and is, accordingly, required to prepare group financial statements under subsection (1)).

5. The board of an FMC reporting entity must ensure that the balance date of the FMC reporting entity is the same as the balance date of its subsidiaries.

6. This section is subject to section 461A(4).