Federal Register of Legislation - Australian Government

Primary content

ASIC Class Order [CO 05/644]

Authoritative Version
CO 05/644 Orders/ASIC Class Orders as made
Class Order [CO 05/644] allows the presentation of a pro forma statement of financial position in the notes to the financial statements to explain the financial effect of material acquisitions and disposals of entities and businesses after balance date.
Administered by: Treasury
Registered 03 Aug 2005
Tabling HistoryDate
Tabled HR09-Aug-2005
Tabled Senate10-Aug-2005
Date of repeal 01 Oct 2015
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2015/843
Table of contents.

 

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 341(1) — Order

 

Enabling provision

 

1.         The Australian Securities and Investments Commission makes this order under subsection 341(1) of the Corporations Act 2001 (the Act).

 

Title

 

2.         This order is ASIC Class Order [CO 05/644].

 

Commencement

 

3.         This order commences on the date it is registered under the Legislative Instruments Act 2003.

 

Note:      An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

 

Relief for post balance date disclosure

 

4.         A company (the Entity), registered scheme (the Entity) or disclosing entity (the Entity) does not have to comply with subsection 292(1) and section 302 of the Act to the extent that sections 295 or 303 of the Act prevent the notes to the financial statements and consolidated financial statements for a financial year (the relevant period) or half-year (the relevant period) including a balance sheet (and, where applicable, a consolidated balance sheet) explaining the financial effect of material acquisitions and disposals of entities and businesses after the end of the relevant period.

 

Where relief is available

 

5.         This relief is available only where all of the following apply:

 

(a)        Where the acquisitions or disposals have a material effect on the Entity a single entity balance sheet is included in the notes to the financial statements that is either:

 

(i)         an actual balance sheet drawn up to a point in time after the relevant transactions have occurred; or

 

(ii)        a pro forma balance sheet drawn up on the basis of the Entity’s actual balance sheet drawn up at the end of the relevant period or a later date;.

 

(b)        Where consolidated financial statements are included in the financial report and the acquisitions or disposals have a material effect on the consolidated entity, a consolidated balance sheet is presented in the notes to those consolidated financial statements that is either:

 

(i)         an actual consolidated balance sheet drawn up to a point in time after the relevant transactions have occurred; or

 

(ii)        a pro forma consolidated balance sheet drawn up on the basis of the economic consolidated entity’s actual consolidated balance sheet drawn up at the end of the relevant period or a later date; and

 

(c)        Where a pro forma balance sheet or pro forma consolidated balance sheet is included in a note to the financial statements in accordance with paragraph (a) or (b):

 

(i)         the balance sheet is prepared on a basis consistent with the accounting standards; and

 

(ii)        the basis of preparation and any key underlying assumptions are set out in the note; and

 

(iii)       any other material transactions or events after balance date are reflected in [the note statement] [What is this? Should it be "financial statements"?  Or "balance sheet"? Or "note"?  Or something else?…]where necessary to ensure that the balance sheet is not misleading.

 

[Note: For years commencing before 1 January 2005, the term “statement of financial position” Interpretation

 

6.         In this order material:

 

(a)        for financial years beginning on or after 1 January 2005 has the same meaning as in paragraph 9 of accounting standard AASB 1031 “Materiality” (gazetted ?)22 July 2004; and

 

(b)        otherwise has the same meaning as in paragraph [4.1] of accounting standard AASB 1031 “Materiality” (gazetted ?)22 September 1995.

 

 

Dated this 29th day of July 2005.

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission