Document ID: chunk:federal_register_of_legislation:C2014A00110:clause:1_21:p2
Version: federal_register_of_legislation:C2014A00110
Segment Type: clause
Provision Reference: sch 1 cl 21 (pt 2/3)
Character Range: 31922–34795

assets for a period means the amount (see subsection (4)) of assets for the entity for the period.

Amounts from audited consolidated financial statements to be used
 (4) For the purposes of this section:
 (a) an amount for an entity for a period is taken to be that amount as shown in the *audited consolidated financial statements for the entity for the period; and
 (b) sections 820‑680, 820‑682, 820‑683 and 820‑684 do not apply.

Other amounts
 (5) The Minister may, by legislative instrument, specify one or more amounts for the purposes of paragraph (1)(i).

820‑935  Meaning of audited consolidated financial statements
 (1) Audited consolidated financial statements for an entity for a period are:
 (a) the financial statements that meet the requirements in subsection (2) for the entity for the period; or
 (b) if more than one set of financial statements meet the requirements in subsection (2) for the entity for the period—whichever of those sets of financial statements the entity chooses.
 (2) Financial statements meet the requirements in this subsection for an entity for a period (the relevant period) if:
 (a) the statements have been prepared on a consolidated basis in relation to the entity and one or more other entities in accordance with standards covered by subsection (3) or (4) (the recognised overseas accounting standards); and
 (b) one of the entities is a worldwide parent entity mentioned in subsection (6); and
 (c) the statements show the amounts mentioned in subsections 820‑933(1), (2) and (3) (however described) on that consolidated basis and in accordance with those standards; and
 (d) the statements have been audited (and the auditor's report is unqualified) in accordance with a requirement in the law of:
 (i) a foreign jurisdiction mentioned in subsection (3) of this section; or
 (ii) another jurisdiction that has adopted the standards mentioned in subsection (4); and
 (e) the statements are for the most recent period ending:
 (i) no later than the end of the relevant period; and
 (ii) no earlier than 12 months before the start of the relevant period.

Recognised overseas accounting standards
 (3) This subsection covers the standards (however described) that apply to the preparation of financial statements and are made, or adopted, by the responsible body in any of the following (a foreign jurisdiction):
 (a) the European Union;
 (b) the United States of America;
 (c) Canada;
 (d) Japan;
 (e) New Zealand;
 (f) a jurisdiction specified in an instrument under subsection (5).
 (4) This subsection covers the international financial reporting standards that are made or adopted by the International Accounting Standards Board.
 (5) The Minister may, by legislative instrument, specify one or more jurisdictions for the purposes of paragraph (3)(f).

Worldwide parent entity
 (6) For the purposes of paragraph (2)(b),