Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 10/654]

Authoritative Version
CO 10/654 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Corporations and Credit (Amendment and Repeal) Instrument 2016/1182
Administered by: Treasury
Registered 07 Mar 2017
Start Date 20 Dec 2016

ASIC Class Order [CO 10/654]

About this compilation

 

Compilation No. 2

 

This is a compilation of ASIC Class Order [CO 10/654] as in force on 20 December 2016. It includes any commenced amendment affecting the legislative instrument to that date.

 

This compilation was prepared by the Australian Securities and Investments Commission.

 

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

 

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).

 

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 FRL 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

-

2016/1182

15/12/2016 (see F2016L01957)

20/12/2016

-

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]

rep. 2016/1182