Document ID: chunk:federal_register_of_legislation:F2023C00190:reg:3:p4
Version: federal_register_of_legislation:F2023C00190
Segment Type: reg
Provision Reference: reg 3 (pt 4/4)
Character Range: 33228–37754

including when the entity is a wholly-owned subsidiary and its ultimate parent produces consolidated financial statements that are available for public use and comply with accounting standards.  Directors preparing special purpose financial statements might have other reasons for non-consolidation of some or all of an entity's subsidiaries, and paragraph 9A(b) requires these reasons to be disclosed (see Example 3 below).

     IG13             The following illustrative examples are provided:

Scenario/Example                                                                                                        1      2  3             4  5    6    7
Reporting Framework                                                                                                     ACNC                                  
Corporations Act 2001                                                                                                                                  
Subsidiaries                                                                                                            Yes      Not           
                                                                                                                                  assessed
No                                                                                                                                                   
Consolidated                                                                                                            Yes      n/a              n/a  n/a  n/a  n/a
No
Partially                                                                                                                         
Associates / Joint Ventures                                                                                             Yes      Not assessed  
No                                                                                                                                                   
Equity accounted                                                                                                        Yes                       n/a  n/a  n/a  n/a
No                                                                                                                             
Partially                                                                                                                         
Material accounting policies comply with all recognition and measurement requirements (except for AASB 10 or AASB 128)  Yes                   
No                                                                                                                                                    
Not assessed                                                                                                                                                
Financial statements overall comply with all recognition and measurement requirements (except for AASB 10 or AASB128)   Yes                   
No                                                                                                                                                    
Not assessed                                                                                                                                                 

     IG14             The following examples illustrate how an entity might apply the disclosure requirements in paragraph 9A of this Standard within the context of the requirements in AASB 101 and AASB 108 referred to in paragraph IG5 above to the special purpose financial statements they prepare, on the basis of the limited facts presented.  Although some aspects of the examples might be present in actual fact patterns, all relevant facts and circumstances of a particular fact pattern need to be evaluated when applying disclosure requirements of this Standard.

#   Example                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Illustrative disclosure