Document ID: chunk:federal_register_of_legislation:F2024C00325:body:0:p1
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ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 as in force on 23 March 2024. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Relief Orders
5 Financial reporting relief to include parent entity financial statements
6 Conditions
Part 3—Repeal
7 Repeal
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195.

3 Authority
This instrument is made under subsection 341(1) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
entity means a company, registered scheme, registrable superannuation entity or disclosing entity.
single entity financial statements means financial statements referred to in paragraph 295(2)(a) or 303(2)(a) of the Act.

       Part 2—Relief Orders

5 Financial reporting relief to include parent entity financial statements

Financial year
       (1)          An entity that includes consolidated financial statements in its financial report for a financial year does not have to comply with subsections 292(1) and 314(1) of the Act to the extent that:
(a) subsection 295(2) of the Act prevents the inclusion of single entity financial statements in the financial report; and
(b) paragraph 295(3)(a) of the Act requires the inclusion of the information specified by regulation 2M.3.01 of the Corporations Regulations 2001.
    Half-year
(2) An entity which is a disclosing entity that includes consolidated financial statements in its half-year financial report does not have to comply with section 302 of the Act to the extent that subsection 303(2) of the Act prevents the inclusion of single entity financial statements in the half-year financial report.

6 Conditions
    The entity must comply with the requirements of Part 2M.3 of the Act:
(a) where subsection 5(1) applies—as if the single entity financial statements were required to be included in the financial report under subsection 295(2); and
       (b) where subsection 5(2) applies—as if the single entity financial statements were required to be included in the half-year financial report under subsection 303(2).

       Part 3—Repeal

7 Repeal
    This instrument is repealed at the start of 1 April 2029.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration      Date of commencement  Application, saving or transitional provisions
2021/195           25/3/2021 (see F2021L00329)   26/03/2021
2021/381           10/5/2021 (see F2021L00560)   11/5/2021             -
2024/187           22/03/2024 (see F2024L00363)  23/03/2024            -

Endnote 2—Amendment history
ad. = added or