Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:3
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 3
Character Range: 43873–47373

3   Compliance with all recognition and measurement requirements in Australian Accounting Standards except for AASB 10 and AASB 128 (some subsidiaries not consolidated and some associates and joint ventures not equity accounted)                                                                                                                                                                                                                                                                                                                                                   MNO Ltd, a not-for-profit entity, has prepared special purpose financial statements as, 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.  Accordingly, these financial statements have been prepared to satisfy the Directors' reporting requirements under the [Australian Charities and Not-for-profits Commission Act 2012 / insert further details of the not-for-profit reporting framework under which the financial statements are prepared].
    MNO Ltd, a parent that is a charity, prepares partially consolidated special purpose financial statements that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                    These financial statements do not consolidate all of MNO Ltd's subsidiaries or equity account all its investments in associates and investments in joint ventures as the Directors [did not perform a detailed assessment of all of MNO Ltd's relationships with other entities, and instead elected to only consolidate those entities MNO Ltd has a 100% ownership interest in / insert an explanation of why some subsidiaries, associates and joint ventures are not consolidated / equity accounted.]
        * consolidate some but not all of its subsidiaries (and are therefore inconsistent with the requirements set out in AASB 10);                                                                                                                                                                                                                                                                                                                                                                                                                                                  MNO Ltd's partially consolidated special purpose financial statements comply with all the recognition and measurement requirements in Australian Accounting Standards (except for the requirements set out in AASB 10 Consolidated Financial Statements or AASB 128 Investments in Associates and Joint Ventures).
        * do not equity account all its investments in associates and investments in joint ventures in a manner consistent with the requirements set out in AASB 128; and
        * apply accounting policies to those partially consolidated financial statements that comply with all the recognition and measurement requirements in Australian Accounting Standards (except for requirements set out in AASB 10 or AASB 128).