Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 341(1) — Order
 
Enabling provision
 
1.       The Australian Securities and Investments Commission (ASIC) makes this order under subsection 341(1) of the Corporations Act 2001 (the Act).
 
Title
 
2.       This order is ASIC Class Order [CO 10/654].
 
Commencement
 
3.       This order commences on the date it is registered under the Legislative Instruments Act 2003.
 
Note:    An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
 
Financial reporting relief to include parent entity financial statements
 
4.       A company (the entity), registered scheme (the entity) or disclosing entity (the entity) that includes consolidated financial statements in its financial report (the relevant financial report) or its concise report (the relevant concise 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)     subsections 295(2) or 314(2) of the Act prevents the inclusion in the relevant financial report or relevant concise report of single entity financial statements; and
 
(b)     paragraph 295(3)(a) of the Act requires the inclusion in the relevant financial report of the information specified by regulation 2M.3.01 of the Corporations Regulations 2001.
 
5.       A disclosing entity (the entity) that includes consolidated financial statements in its financial report (the relevant half-year financial report) for a half-year does not have to comply with section 302 of the Act to the extent that subsections 303(2) of the Act prevents the inclusion in the relevant half-year financial report of single entity financial statements.
Condition
 
6.       The entity must comply with the requirements of Part 2M.3 of the Act:
 
(a)     where paragraph 4 applies—as if the single entity financial statements were required to be included in the relevant financial report under subsection 295(2) or in the relevant concise report under subsection 314(2); and
 
(b)     where paragraph 5 applies—as if the single entity financial statements were required to be included in the relevant half-year financial report under subsection 303(2).
 
 
Dated this 26th day of July 2010
 
 
 
 
Signed by Stephen Yen PSM
as a delegate of the Australian Securities and Investments Commission