Document ID: chunk:federal_register_of_legislation:F2022L01041:reg:2
Version: federal_register_of_legislation:F2022L01041
Segment Type: reg
Provision Reference: reg 2
Character Range: 36733–39371

2  Compliance with all recognition and measurement requirements in Australian Accounting Standards, excluding AASB 10 and AASB 128                                                                                                                                                                                                                                                                                                                                                                                                                                                      These special purpose financial statements have been prepared to satisfy the company's reporting requirements under its financing agreement with Bank X, which requires the financial statements to comply with Australian Accounting Standards. In the opinion of the Directors, it is unlikely there are users of these financial statements who are not in a position to require the preparation of reports tailored to their information needs. KC Pty Ltd is a for-profit entity.
   KC Pty Ltd, a small for-profit parent company, prepares separate special purpose financial statements in order to meet the requirements of its financing agreement. The separate special purpose financial statements apply material accounting policies that comply with all the recognition and measurement requirements in Australian Accounting Standards. The separate financial statements do not consolidate KC Pty Ltd's subsidiaries.                                                                                                                                       Consolidated financial statements have not been prepared for KC Pty Ltd and its subsidiaries as the Directors have decided not to comply with AASB 10 Consolidated Financial Statements – the Directors would provide consolidated information to financial statement users upon request.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        KC Pty Ltd's special purpose financial statements comply with all the recognition and measurement requirements in Australian Accounting Standards for separate financial statements.