Document ID: chunk:federal_register_of_legislation:C2015C00309:clause:8_55
Version: federal_register_of_legislation:C2015C00309
Segment Type: clause
Provision Reference: sch 8 cl 55
Character Range: 65032–66442

55  At the end of Subdivision 230‑I
Add:

230‑527  Elections—reporting documents of foreign ADIs
 (1) So much of a Statement of Financial Performance and a Statement of Financial Position, given to *APRA by a foreign ADI (within the meaning of the Banking Act 1959) as required under section 13 of the Financial Sector (Collection of Data) Act 2001, as:
 (a) cover the activities of an *Australian permanent establishment of the foreign ADI for the year; and
 (b) are prepared in accordance with the recognition and measurement standards under the *accounting principles; and
 (c) are audited in accordance with the *auditing principles;
are treated, for the purposes of the provisions mentioned in subsection (2), as being a financial report for a year:
 (d) prepared by the foreign ADI in accordance with the accounting principles; and
 (e) audited in accordance with the auditing principles.
 (2) The provisions are as follows:
 (a) sections 230‑150 to 230‑165 (election for portfolio treatment of fees);
 (b) sections 230‑210 to 230‑220 (fair value election);
 (c) sections 230‑255 to 230‑265 (foreign exchange retranslation election);
 (d) sections 230‑315 to 230‑335 (hedging financial arrangement election);
 (e) sections 230‑395, 230‑400, 230‑410 and 230‑430 (election to rely on financial reports).

Part 7—Miscellaneous amendments

Division 1—Consistency of language

Income Tax Assessment Act 1997