Document ID: chunk:federal_register_of_legislation:C2024A00132:section:34:p1
Version: federal_register_of_legislation:C2024A00132
Segment Type: section
Provision Reference: s 34 (pt 1/3)
Character Range: 34667–37698

34  Definitions
  In this Act:
Acceptable Financial Accounting Standard means any of the following:
 (a) an accounting standard (within the meaning of the Corporations Act 2001);
 (b) the IFRS;
 (c) the generally accepted accounting principles of any of the following:
 (i) Brazil;
 (ii) Canada;
 (iii) Member States of the European Union;
 (iv) Member States of the European Economic Area;
 (v) Hong Kong (China);
 (vi) Japan;
 (vii) Mexico;
 (viii) New Zealand;
 (ix) the People's Republic of China;
 (x) the Republic of India;
 (xi) the Republic of Korea;
 (xii) Singapore;
 (xiii) Switzerland;
 (xiv) the United Kingdom;
 (xv) the United States of America.
Agreed Administrative Guidance: see subsection 3(4).
Annual Election: see section 37.
Applicable MNE Group: see subsection 12(1).
Authorised Accounting Body means the body with legal authority in a jurisdiction to prescribe, establish or accept accounting standards for financial reporting purposes.
Authorised Financial Accounting Standard, in respect of an Entity, means a set of generally acceptable accounting principles permitted by the Authorised Accounting Body in the jurisdiction where the Entity is located.
Commentary: see subsection 3(4).
Consolidated Financial Statements of an Entity means:
 (a) if the Entity is not the Ultimate Parent Entity of a Group under paragraph 18(4)(c)—the financial statements prepared by the Entity in accordance with an Acceptable Financial Accounting Standard, in which the assets, liabilities, income, expenses and cash flows of that Entity and the Entities in which it has a Controlling Interest are presented as those of a single economic unit; or
 (b) if the Entity is the Ultimate Parent Entity of a Group under paragraph 18(4)(c)—the financial statements of the Entity that are prepared in accordance with an Acceptable Financial Accounting Standard; or
 (c) if the Entity has prepared financial statements that are not covered by paragraph (a) or (b), but would be so covered if they were prepared in accordance with an Acceptable Financial Accounting Standard—those financial statements, adjusted to prevent any Material Competitive Distortions; or
 (d) if the Entity has not prepared financial statements that are covered by paragraph (a), (b) or (c)—the financial statements of the Entity that would have been prepared if the Entity were required to prepare such financial statements in accordance with an Authorised Financial Accounting Standard that is:
 (i) an Acceptable Financial Accounting Standard; or
 (ii) another financial accounting standard that is adjusted to prevent any Material Competitive Distortions.
Constituent Entity: see section 16.
Controlling Interest means an Ownership Interest in an Entity such that the holder of the Ownership Interest:
 (a) is required to consolidate the assets, liabilities, income, expenses and cash flows of the Entity on a line‑by‑line basis in accordance with an Acceptable Financial Accounting Standard; or
 (b) would have been required to consolidate the assets,