Version as at 1 July 2024 Crown Entities Act 2004 Part 4 s 154 (1A) Despite section 156A, the annual report of a Crown entity that has 1 or more subsidiaries must include the information specified in subsection (1) in respect of each subsidiary as well as in respect of the Crown entity. (2) In subsection (1), member and office holder and employee include a person who was a member or office holder or employee at any time after the com‐ mencement of this Act but who is no longer a member, office holder, or employee. Compare: 1989 No 44 s 41I; 1993 No 105 s 211 Section 152(1): amended, on 1 July 2014, by section 62(1) of the Crown Entities Amendment Act 2013 (2013 No 51). Section 152(1)(a): amended, on 1 July 2014, by section 62(2) of the Crown Entities Amendment Act 2013 (2013 No 51). Section 152(1)(b): amended, on 1 July 2014, by section 62(3) of the Crown Entities Amendment Act 2013 (2013 No 51). Section 152(1A): inserted, on 1 July 2014, by section 62(4) of the Crown Entities Amendment Act 2013 (2013 No 51). 153 Form and content of statement of performance A statement of performance must, in relation to a Crown entity and a financial year,— (a) be prepared in accordance with generally accepted accounting practice; and (b) describe each reportable class of outputs for the financial year; and (c) include, for each reportable class of outputs identified in the entity’s statement of performance expectations for the financial year,— (i) the standards of delivery performance achieved by the entity, as compared with the forecast standards included in the entity’s statement of performance expectations for the financial year; and (ii) the actual revenue earned and output expenses incurred, as com‐ pared with the expected revenues and proposed output expenses included in the entity’s statement of performance expectations for the financial year. Section 153: replaced, on 1 July 2014, by section 63 of the Crown Entities Amendment Act 2013 (2013 No 51). 154 Annual financial statements (1) As soon as practicable after the end of each financial year, a Crown entity must prepare financial statements in relation to the entity for that financial year. (2) [Repealed] (3) The financial statements must— (a) comply with generally accepted accounting practice; and 85