ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 24 March 2021

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

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

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

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 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 on 1 April 2026.