A company may be exempted from the requirements of s. 296 of The Corporations Act to prepare general purpose financial reports (GPFRs) if: 1 It is a small proprietary company within the definition of the Act.

2 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.

3 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.

4 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.