Document ID: chunk:federal_register_of_legislation:F2023C00381:reg:8:p27
Version: federal_register_of_legislation:F2023C00381
Segment Type: reg
Provision Reference: reg 8 (pt 27/28)
Character Range: 252986–256081

an SGE for a period if it is one of the following (as defined in Subdivision 960-U of the Income Tax Assessment Act 1997):
    (a)    a 'global parent entity' whose 'annual global income' is A$1 billion or more; or
    (b)   a member of a group of entities consolidated (for accounting purposes) where the global parent entity has an annual global income of A$1 billion or more.
  [18]  Introduced by Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015.
  [19]  Introduced by Corporations Amendment (Proprietary Company Thresholds) Regulations 2019.
  [20]  Of these 98,000 copies of financial statements, approximately 29,000 were purchased by public users through ASIC connect and not by data aggregators.
  [21]  Data aggregators purchase and analyse data for the purpose of providing informed credit and risk management advice, industry profiling and other analytic products and services.
  [22]  The Explanatory Memorandum to the Company Law Review Bill 1997 noted that "financial reporting by small proprietary companies which are foreign-controlled should, as far as possible, equate with the reporting requirements of small proprietary companies which are controlled by Australian companies. Accordingly, a small proprietary company will be required to prepare a financial report if the controlling registered foreign company does not prepare and lodge financial statements with the ASC which consolidate the affairs of the small proprietary company for the period in which it was controlled. … An Australian company which controls a small proprietary company is required to consolidate the small proprietary company in its consolidated financial report if it comes within the scope of AASB 1024: Consolidated Accounts. While it would not be appropriate for the Corporations Law to generally require a registered foreign company to prepare consolidated financial statements, that company may consolidate the small proprietary company in financial statements prepared under the law of its jurisdiction of incorporation. If consolidated accounts of this kind are lodged with the ASC in accordance with the requirements in current section 349, the remainder of Chapter 2M will not apply to the small proprietary company."
  [23]  See the Explanatory Statement to ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204.
  [24]  Research Report 12
  [25]  The RCF, paragraph SP1.1.
  [26]  The term 'reporting entity' as defined by the RCF is also inconsistent with the definition of reporting entity in AASB 1057 Application of Australian Accounting Standards.
  [27]  RG 85, paragraph 5.1.
  [28]  RG 85, paragraph 5.5.
  [29]  Paragraphs 4, Aus4.1, Aus4.2 and 4B of AASB 10 outline the exemptions and exceptions whereby a parent entity need not present consolidated financial statements.
  [30]  Refer paragraph BC57(a).
  [31]  Refer paragraph BC57(d).
  [32]  See https://www.aasb.gov.au/DirectLink.aspx?id=2155
  [33]  Including, for example, certain large proprietary companies that are not required to lodge financial reports with ASIC if they meet