ASIC Corporations (Audit Relief) Instrument 2016/784 (Cth)

ASIC Corporations (Audit Relief) Instrument 2016/784

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Audit Relief) Instrument 2016/784 as in force on 29 October 2021. 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—Orders 5 Relief from audit obligations 6 Where the relief applies 7 Conditions Part 3—Savings and transitional 8 Application of Part 2 9 Application of ASIC Class Order [CO 98/1417] Endnotes Endnote 1—Instrument history Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Audit Relief) Instrument 2016/784.

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. approved subordinated debt means, in relation to a company, debt of the company which: (a) has been subordinated under an agreement which has: (i) been executed by the company and the creditor and lodged with ASIC before the commencement of the relevant financial year; and (ii) been approved by ASIC for the purposes of this instrument or for the purposes of ASIC Class Order [CO 98/1417]; and (b) is not provided by an entity controlled by the company and is not funded directly or indirectly by the company or one of its controlled entities. borrower in relation to debentures means a company that is or will be liable to repay money under a debenture, but does not include a company that only has debentures on issue that were issued or allotted: (a) by excluded issues to which paragraph 66(2)(d) of the Law applied as that Law stood before 13 March 2000; or (b) because of offers which did not need disclosure to investors under Part 6D.2 of the Act because of subsection 708(1) of the Act. closed group has the same meaning as in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. control has the same meaning as in Accounting Standard AASB 10 Consolidated Financial Statements. extended closed group has the same meaning as in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. group has the same meaning as in Accounting Standard AASB 10 Consolidated Financial Statements. Law means in relation to a company, the former Corporations Law of the State or Territory under which the company was registered immediately before the commencement of the Act; and includes a separate reference to the former Corporations Law of each other State and Territory. management accounts means accounts which include an income statement, a statement of changes in equity, balance sheet and cash flow statement. prescribed accountant means each of the following: (a) a member of CPA Australia (CPAA) who: (i) is entitled to use the post-nominals "CPA" or "FCPA"; and (ii) is subject to the CPAA's continuing professional development requirements; and (iii) at or about the time of the member's most recent renewal of membership, has confirmed in writing to CPAA that he or she complies with the CPAA's continuing professional development requirements; (b) a member of Chartered Accountants Australia and New Zealand (CA ANZ) who: (i) is entitled to use the post-nominals "CA" or "FCA"; and (ii) is subject to the CA ANZ's continuing professional education requirements; and (iii) at or about the time of the member's most recent renewal of membership, has confirmed in writing to CA ANZ that he or she complies with the CA ANZ's continuing professional education requirements; (c) a member of the Institute of Public Accountants (IPA) who: (i) is entitled to use the post-nominals "AIPA", "MIPA", or "FIPA"; and (ii) is subject to the IPA's continuing professional education requirements; and (iii) at or about the time of the member's most recent renewal of membership, has confirmed in writing to the IPA that he or she complies with the IPA's continuing professional education requirements; (d) another accountant approved by ASIC for the purpose of compiling financial reports under this instrument and who reasonably believes that he or she complies with such requirements as may be specified by ASIC. quarter means one of the periods of no more than 3 months into which the relevant financial year of a company is divided, as determined by the directors of the company. relevant financial year has the meaning given by subsection 5(1). unapproved subordinated debt means any subordinated debt which is not approved subordinated debt.