ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204 (Cth)

ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204 I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument. Dated: 23 March 2017

Stephen Yen

Contents

Part 1—Preliminary 1 Name of legislative instrument..................................... 2 Commencement................................................ 3 Authority..................................................... 4 Definitions.................................................... Part 2—Order 5 Relief from the requirement to prepare and lodge an audited financial report Part 3—Declaration 6 Relief from lodging financial statements Part 4—Transitional 7 Application of this instrument and ASIC Class Order [CO 98/98].........

Part 1—Preliminary

1 Name of legislative instrument This instrument is ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204.

2 Commencement This instrument commences on the later of: (a) the day after it is registered on the Federal Register of Legislation; and (b) the day it is gazetted. Note: The register may be accessed at http://www.legislation.gov.au.

3 Authority This instrument is made under subsections 341(1) and 601CK(7) of the Corporations Act 2001.

4 Definitions In this instrument: Act means Corporations Act 2001. combined revenue of the group means the sum of the revenue of all of the entities in the group, while they are members of the group, making all adjustments as would be required in preparing consolidated financial statements under accounting standards in force at the relevant time (even if the standard does not otherwise apply to the financial year of some or all of the companies concerned). combined value of gross assets of the group means the sum of the value of the gross assets of all of the entities in the group, making all adjustments as would be required in preparing consolidated financial statements under accounting standards in force at the relevant time (even if the standard does not otherwise apply to the financial year of some or all of the companies concerned). control has the same meaning as in Australian Accounting Standard AASB 10 Consolidated Financial Statements. entity means a company, a registered scheme, a disclosing entity, any other corporation, a partnership, an unincorporated body or a trust. group means, in relation to an entity for a financial year, the entity together with all of the following; (a) any other entity which controlled the entity at any time during, or at the end of, the financial year and which was registered or formed in Australia or carries on business in Australia; (b) any other entity (a corresponding entity) which is: (i) controlled at any time during, or at the end of, the financial year by any foreign company which at the same time controls the entity; and (ii) incorporated or formed in Australia or carries on business in Australia during that part of the financial year when it is controlled by the same foreign company as controls the entity; (c) any entity which is controlled at any time during, or at the end of, the financial year by the entity; (d) any entity which is controlled by a corresponding entity during that part of the financial year when the corresponding entity is controlled by the same foreign company as controls the entity. large group means a group which, for a financial year, satisfies at least 2 of the following paragraphs: (a) the combined revenue of the group for the financial year is $25 million, or any other amount prescribed for the purposes of paragraph 45A(2)(a) of the Act, or more; (b) the combined value of gross assets of the group at the end of the financial year is $12.5 million, or any other amount prescribed for the purposes of paragraph 45A(2)(b) of the Act, or more; (c) the group has 50, or any other number prescribed for the purposes of paragraph 45A(2)(c) of the Act, or more employees (part-time employees being counted as an appropriate fraction of a full-time equivalent) at the end of the financial year.