Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_4
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 57396–58410

4  Restriction on specifying the book value approach
 (1) The choice cannot specify the book value approach unless:
 (a) during the 18 months preceding 2 May 2010, a person who held in that period:
 (i) the interest in the onshore petroleum project or the North West Shelf project; or
 (ii) if that interest did not exist in that period—an interest in the exploration permit or retention lease mentioned in subparagraph 3(1)(b)(ii);
  prepared a financial report relating to the interest in accordance with accounting standards; and
 (b) the report relates to a financial period that ended in the 18 months preceding 2 May 2010; and
 (c) the report has been audited in accordance with auditing standards.
 (2) If, during the 18 months preceding 2 May 2010, the person was a part of a consolidated entity (within the meaning of the Corporations Act 2001), for the purposes of paragraph (1)(a), treat any financial report for the consolidated entity, relating to the interest, as a report that the person prepared.