There are two things all incorporated associations must do to comply with the accounting requirements of the Act:
- keep true and accurate accounting records that explain the financial transactions and the financial position of the association in a manner that can be conveniently and properly audited; and
- submit accounts to the members at each Annual General Meeting.
Taxation and industrial legislation may also require financial records to be kept. In addition to these legal obligations, an association's management committee needs clear, accurate and up-to-date financial information to ensure the association is viable and operating efficiently.