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ASIC Class Order [CO 10/654]

Authoritative Version
  • - F2014C01026
  • In force - Superseded Version
  • View Series
CO 10/654 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 14/757]
This class order allows companies, registered schemes and disclosing entities that present consolidated financial statements to include their own parent entity financial statements as part of their full year financial report, concise report or half-year report under Chapter 2M of the Corporations Act 2001.
Administered by: Treasury
Registered 28 Aug 2014
Start Date 07 Aug 2014
End Date 19 Dec 2016

ASIC Class Order [CO 10/654]

Inclusion of parent entity financial statements in financial reports

This instrument has effect under s341(1) of the Corporations Act 2001.

This compilation was prepared on 15 August 2014 taking into account amendments up to [CO 14/757]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission

Corporations Act 2001 — Subsection 341(1) — Order

Enabling provision

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

Title

2.    This order is ASIC Class Order [CO 10/654].

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/.

Financial reporting relief to include parent entity financial statements

4.    A company (the entity), registered scheme (the entity) or disclosing entity (the entity) that includes consolidated financial statements in its financial report (the relevant financial report) or its concise report (the relevant concise report) for a financial year does not have to comply with subsections 292(1) and 314(1) of the Act to the extent that:

(a)   subsections 295(2) or 314(2) of the Act prevents the inclusion in the relevant financial report or relevant concise report of single entity financial statements; and

(b)   paragraph 295(3)(a) of the Act requires the inclusion in the relevant financial report of the information specified by regulation 2M.3.01 of the Corporations Regulations 2001.

5.    A disclosing entity (the entity) that includes consolidated financial statements in its financial report (the relevant half-year financial report) for a half-year does not have to comply with section 302 of the Act to the extent that subsection 303(2) of the Act prevents the inclusion in the relevant half-year financial report of single entity financial statements.

Condition

6.    The entity must comply with the requirements of Part 2M.3 of the Act:

(a)   where paragraph 4 applies—as if the single entity financial statements were required to be included in the relevant financial report under subsection 295(2) or in the relevant concise report under subsection 314(2); and

(b)   where paragraph 5 applies—as if the single entity financial statements were required to be included in the relevant half-year financial report under subsection 303(2).

7.    For the purposes of determining whether the entity has complied with a requirement referred to in paragraph 6, ignore any non-compliance with the requirement that results merely from any or all of the following:

(a)   a person being an affected auditor (as defined in ASIC Class Order [CO 14/757]) rather than a registered company auditor;

(b)   an act, matter or thing being done by an affected auditor rather than a registered company auditor;

(c)   a company being an affected audit company (as defined in ASIC Class Order [CO 14/757]) rather than an authorised audit company; 

(d)   an act, matter or thing being done by an affected audit company rather than an authorised audit company.

Notes to ASIC Class Order [CO 10/654]

Note 1

ASIC Class Order [CO 10/654] (in force under s341(1) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Instrument number

Date of FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 10/654]

29/7/2010 (see F2010L02195)

29/7/2010

 

[CO 14/757]

7/8/2014 (see F2014L01082)

7/8/2014

-

 

 

 

 

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Para 7..........................

ad. [CO 14/757]