Document ID: chunk:federal_register_of_legislation:F2021C01163:body:0:p1
Version: federal_register_of_legislation:F2021C01163
Segment Type: other
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Character Range: 0–2953

ASIC Corporations (Audit Relief) Instrument 2016/784

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Audit Relief) Instrument 2016/784 as in force on 29 October 2021. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Orders
5 Relief from audit obligations
6 Where the relief applies
7 Conditions
Part 3—Savings and transitional
8 Application of Part 2
9 Application of ASIC Class Order [CO 98/1417]
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Audit Relief) Instrument 2016/784.

3 Authority
This instrument is made under subsection 341(1) of the Corporations Act 2001.

4 Definitions
           In this instrument:
Act means the Corporations Act 2001.
approved subordinated debt means, in relation to a company, debt of the company which:
           (a) has been subordinated under an agreement which has:
(i) been executed by the company and the creditor and lodged with ASIC before the commencement of the relevant financial year; and
(ii) been approved by ASIC for the purposes of this instrument or for the purposes of ASIC Class Order [CO 98/1417]; and
           (b) is not provided by an entity controlled by the company and is not funded directly or indirectly by the company or one of its controlled entities.
borrower in relation to debentures means a company that is or will be liable to repay money under a debenture, but does not include a company that only has debentures on issue that were issued or allotted:
           (a) by excluded issues to which paragraph 66(2)(d) of the Law applied as that Law stood before 13 March 2000; or
           (b) because of offers which did not need disclosure to investors under Part 6D.2 of the Act because of subsection 708(1) of the Act.
closed group has the same meaning as in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.
control has the same meaning as in Accounting Standard AASB 10 Consolidated Financial Statements.
extended closed group has the same meaning as in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.
group has the same meaning as in Accounting Standard AASB 10 Consolidated Financial Statements.
Law means in relation to a company, the former Corporations Law of the State or Territory under which the company was registered immediately before the commencement of the Act; and includes a separate reference to the former Corporations Law of each other State and Territory.
management accounts means accounts which