Document ID: chunk:federal_register_of_legislation:F2024C00655:body:0:p3
Version: federal_register_of_legislation:F2024C00655
Segment Type: other
Provision Reference: 
Character Range: 5145–7837

exemption

5 Relief and exemption from disclosing exact amounts in a report
(1) An entity does not have to comply with Part 2M.3 and Part 7.8 of the Act to the extent that those Parts require amounts required or permitted to be set out in an eligible report for a financial year (the relevant period) or half-year (the relevant period) to be stated exactly.

Where the relief or exemption applies
(2) The relief or exemption in subsection (1) may be relied on where all of the following apply:
(a) the eligible report includes in substitution for an amount that would otherwise be required or permitted to be set out exactly:
(i) if the amount is half or less than half the rounding factor or alternative rounding factor—"nil" or the equivalent thereof; or
(ii) in any other case, the amount rounded up or down to the nearest whole number multiple of the rounding factor or alternative rounding factor;
(b) where an alternative rounding factor is applied under paragraph (a)(ii) instead of a rounding factor in relation to an amount, the alternative rounding factor is also applied in relation to every other amount in the eligible report for which the rounding factor is relevant;
(c) where an amount is substituted under paragraph (a), the corresponding amount in respect of the comparative financial year or half-year is also shown in accordance that paragraph;
(d) where amounts are rounded to the nearest $100,000 in accordance with subparagraph (a)(ii), those amounts are presented in the form of a whole number of millions of dollars and one place of decimals representing hundreds of thousands of dollars, with a clear indication that the amounts are presented in millions of dollars (for example, in column headings or by placing the word "million" after the amounts);
(e) none of the substitution or rounding of amounts in accordance with paragraphs (a) to (c) have the potential to adversely affect:
(i) decisions about the allocation of scarce resources made by users of the financial report (including consolidated financial statements, if any); or
(ii) the discharge of accountability by management or the directors of the entity or in relation to the auditors;
(f) the relevant eligible report states that the entity is an entity to which this instrument applies and that amounts have been rounded off in accordance with this instrument;
(g) the relevant eligible report clearly discloses on each page where amounts have been rounded the extent to which those amounts have been rounded.

6 Relief and exemption from including nil amount items in a report
(1) An entity does not have to comply with 2M.3 and Part 7.8 of the Act to the extent that those Parts require a financial