ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 (Cth)

ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191

About this compilation

Compilation No. 3

This is a compilation of ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 as in force on 5 January 2024. 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—Order and exemption 5 Relief and exemption from disclosing exact amounts in a report 6 Relief and exemption from including nil amount items in a report Part 3—Savings and transitional 7 Application of this instrument and ASIC Class Order [CO 98/100] Endnotes Endnote 1—Instrument history Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191.

3 Authority This instrument is made under subsections 341(1) and 992B(1) of the Corporations Act 2001.

4 Definitions In this instrument:

alternative rounding factor means, in relation to a rounding factor, any of the following amounts which is less than the rounding factor: (a) 1/10th of 1 cent; (b) 1 cent; (c) $1; (d) $1,000; (e) $100,000.

Act means the Corporations Act 2001.

eligible report means: (a) a financial report; (b) a directors' report required by section 298 or section 302 of the Act; (c) a profit and loss statement and balance sheet required by section 989B of the Act. entity means any of the following: (a) a company; (b) a registered scheme; (c) a disclosing entity; (d) a financial services licensee; (e) a retail CCIV in relation to a sub-fund of the retail CCIV; (f) a registrable superannuation entity. rounding factor means, in relation to an amount that is required or permitted to be stated exactly in an eligible report: (a) $1,000, in relation to an entity with total assets in its consolidated balance sheet or if it does not prepare a consolidated balance sheet, its own balance sheet at the end of the relevant period of more than $1,000,000,000, in respect of: (i) details, values and aggregates required to be disclosed in the directors' report under paragraph 300(1)(g), subsections 300(8), (9), (11B) and (11C), paragraph 300(13)(a) and paragraphs 300A(1)(c) and (1)(e) of the Act; (ii) amounts required to be disclosed under paragraph 50 of Accounting Standard AASB 2 Share-based Payment (AASB 2) or paragraph 168 of Accounting Standard AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (AASB 1060); (iii) remuneration of auditors required to be disclosed under paragraph 10 of Accounting Standard AASB 1054 Australian Additional Disclosures or paragraph 98 of AASB 1060; (iv) compensation of key management personnel required to be disclosed under paragraph 17 of Accounting Standard AASB 124 Related Party Disclosures (AASB 124) or paragraph 194 of AASB 1060; and (v) transactions between related parties required to be disclosed under paragraphs 18, 18A and 19 of AASB 124 or paragraphs 196, 198 and 199 of AASB 1060; (b) 1/10th of 1 cent, in respect of amounts required to be disclosed in accordance with paragraphs 66 to 69 of Accounting Standard AASB 133 Earnings per Share; (c) 1 cent, in relation to amounts required to be disclosed in accordance with paragraphs 44 and 46 of AASB 2, paragraph 164 of AASB 1060 and paragraphs 300(6)(c), (7)(d) and (7)(e) of the Act; (d) $1, in relation to an entity with total assets in its consolidated balance sheet or if it does not prepare a consolidated balance sheet, its own balance sheet at the end of the relevant period of more than $10,000,000 but not more than $1,000,000,000, in respect of the items listed in subparagraphs (a)(i) to (v); (e) $1, for all other purposes in relation to an entity with total assets in its consolidated balance sheet or if it does not prepare a consolidated balance sheet, its own balance sheet of less than $10,000,000; (f) $1,000, for all other purposes in relation to an entity with total assets of more than $10,000,000 and not more than $1,000,000,000, in its consolidated balance sheet or if it does not prepare a consolidated balance sheet, its own balance sheet at the end of the relevant period; (g) $100,000, for all other purposes in relation to an entity with total assets of more than $1,000,000,000 and not more than $10,000,000,000, in its consolidated balance sheet or if it does not prepare a consolidated balance sheet, its own balance sheet at the end of the relevant period; (h) $1,000,000, for all other purposes in relation to an entity with total assets of more than $10,000,000,000, in its consolidated balance sheet or if it does not prepare a consolidated balance sheet, its own balance sheet at the end of the relevant period.