Document ID: chunk:federal_register_of_legislation:F2022C01208:reg:14:p47
Version: federal_register_of_legislation:F2022C01208
Segment Type: reg
Provision Reference: reg 14 (pt 47/57)
Character Range: 140224–143269

of certain circumstances.  ASIC Regulatory Guide 34 Auditors' obligations: reporting to ASIC (May 2013), provides guidance to help auditors comply with their obligations under section 311 of the Act.

  13. ASIC and the ASX have agreed that listed entities can satisfy the requirements of the Act by lodging the half‑year financial report, the directors' report, and the auditor's review report on the financial report with the ASX.  Details are provided in ASIC Regulatory Guide 28 Relief from dual lodgement of financial reports (July 2003) and ASIC Corporations (Electronic Lodgement of Financial Reports) Instrument 2601/181.

Australian Accounting Standards

  14. Minimum Components of an Interim Financial Report – AASB 134 Interim Financial Reporting, paragraph 8:

  An interim financial report shall include, at a minimum, the following components:

     a)         a condensed statement of financial position;

    b)      a condensed statement or condensed statements of profit or loss and other comprehensive income;

    c)      a condensed statement of changes in equity;

    d)      a condensed cash flow statement; and

    e)      selected explanatory notes.

  15. Form and Content of Interim Financial Reports – AASB 134 paragraph 9 states:

  "If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of AASB 101 for a complete set of financial statements".

  16. Form and Content of Interim Financial Reports – AASB 134 paragraph 10 states:

  "If an entity publishes a set of condensed financial statements in its interim financial report, those condensed statements shall include, at a minimum, each of the headings and subtotals that were included in its most recent annual financial report and the selected explanatory notes as required by this Standard.  Additional line items or notes shall be included if their omission would make the condensed interim financial report misleading".

  17. Materiality – AASB 134 paragraph 23 states:

  "In deciding how to recognise, measure, classify, or disclose an item for interim financial reporting purposes, materiality shall be assessed in relation to the interim period financial data.  In making assessments of materiality, it shall be recognised that interim measurements may rely on estimates to a greater extent than measurements of annual financial data".

EXAMPLE UNMODIFIED AUDITOR'S REVIEW REPORT ON A HALF‑YEAR FINANCIAL REPORT – SINGLE listed company – Corporations Act 2001

INDEPENDENT AUDITOR'S REVIEW REPORT

To the members of [name of entity]

Report on the Half‑Year Financial Report[23]

Conclusion

We have reviewed the half‑year financial report of [name of entity], which comprises the statement of financial position as at 31 December 20XX, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half‑year ended on that date, a summary of significant accounting policies[24] and other