Document ID: chunk:federal_register_of_legislation:F2022C01149:body:0:p1
Version: federal_register_of_legislation:F2022C01149
Segment Type: other
Provision Reference: 
Character Range: 0–3060

ASIC Corporations (Wholly-owned Companies) Instrument 2016/785

About this compilation

Compilation No. 7

This is a compilation of ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 as in force on 9 September 2022. 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—Order
5 Financial reporting relief for wholly-owned entities
6 Where financial reporting relief applies
7 Conditions
8 Companies excluded from relying on financial reporting relief
9 Relief from requirement to appoint auditor
10 When auditor appointment relief applies
11 Relief allowing holding entity to include consolidated financial statements in a financial report
Part 3—Savings and transitional
12 Application of Part 2
13 Application of ASIC Class Order [CO 98/1418]
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.

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

4 Definitions
In this instrument:
       additional consolidation information in relation to consolidated financial statements prepared by a holding entity for a financial year means:
           (a) the following information for the financial year:
(i) a statement of comprehensive income setting out the information specified by paragraphs 82 to 87 of Accounting Standard AASB 101 Presentation of Financial Statements (AASB 101) in force at the end of the financial year;
(ii) opening and closing retained earnings, dividends provided for or paid, and transfers to and from reserves;
(iii) a statement of financial position complying with paragraphs 54 to 60 of AASB 101 in force at the end of the financial year; and
           (b) if the holding entity was a holding entity for the purposes of this instrument or a Holding Entity for the purposes of ASIC Class Order [CO 98/1418] at any time during the preceding financial year—comparative information for that immediately preceding financial year for the information referred to in paragraph (a).
Act means the Corporations Act 2001.
       ASIC Pro Forma 24 means ASIC Pro Forma 24 Deed of cross guarantee.
       ASIC Pro Forma 27 means ASIC Pro Forma 27Assumption deed.
       assumption deed means:
           (a) in relation to a deed of cross guarantee, an Assumption Deed contemplated by the deed of cross guarantee; and
           (b) in relation to an entity that became party to a deed of cross guarantee by an Assumption Deed contemplated by the deed of cross guarantee, that Assumption Deed.
       borrower in relation to debentures means a company that is or will be