Document ID: chunk:federal_register_of_legislation:F2024C00654:body:0:p2
Version: federal_register_of_legislation:F2024C00654
Segment Type: other
Provision Reference: 
Character Range: 2838–5644

A relevant entity does not have to comply with Part 2M.3 of the Act, and a retail CCIV does not have to comply with Part 2M.3 of the Act in relation to a sub-fund, to the extent that that Part prevents the notes to the financial statements and consolidated financial statements for a financial year (the relevant period) or half-year (the relevant period) from including a balance sheet (and, where applicable, a consolidated balance sheet) explaining the financial effect of acquisitions (the relevant transactions) and disposals (the relevant transactions) of entities and businesses after the end of the relevant period.

Where relief applies
(2) The relief in subsection (1) is available where both of the following apply:
(a) either:
(i) the relevant transactions have a material effect on the relevant entity or sub-fund (as the case may be) and a single entity balance sheet is included in the notes to the financial statements that is either:
(A) an actual balance sheet drawn up to a point in time after the relevant transactions have occurred; or
(B)  a pro forma balance sheet drawn up on the basis of the relevant entity's or sub-fund's (as the case may be) actual balance sheet drawn up at the end of the relevant period or a later date; or
(ii) consolidated financial statements are included in the financial report, the relevant transactions have a material effect on the consolidated entity and a consolidated balance sheet is presented in the notes to those consolidated financial statements that is either:
(A)  an actual consolidated balance sheet drawn up to a point in time after the relevant transactions have occurred; or
(B) a pro forma consolidated balance sheet drawn up on the basis of the consolidated entity's actual consolidated balance sheet drawn up at the end of the relevant period or a later date;
(b) where a pro forma balance sheet or pro forma consolidated balance sheet is included in a note to the financial statements in accordance with sub-subparagraph (a)(i)(B) or sub-subparagraph (a)(ii)(B):
(i)  the pro forma balance sheet is prepared on a basis consistent with the accounting standards; and
(ii)  the basis of preparation and any key underlying assumptions are disclosed in the note; and
(iii)  any other material transactions or events after balance date are reflected in the note where necessary to ensure that the pro forma balance sheet is not misleading.

Endnotes

Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.