Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Section 292A, as inserted by Part 1 of the amending Schedule, applies to an entity for a financial year if:
(a) both of the following subparagraphs apply:
(i) the financial year commences during the first transitional period;
(ii) subsection (2) or (4) of this section applies to the entity for the financial year; or
(b) both of the following subparagraphs apply:
(i) the financial year commences during the second transitional period;
(ii) subsection 296B(2), (4) or (5) applies to the entity for the financial year; or
(c) the financial year commences on or after 1 July 2027.
Entities with new reporting for a financial year commencing during first transitional period
(2) This subsection applies to an entity for a financial year if:
(a) the entity satisfies at least 2 of the following subparagraphs:
(i) the consolidated revenue for the financial year of the entity and the entities it controls (if any) is $500 million or more;
(ii) the value of the consolidated gross assets at the end of the financial year of the entity and the entities it controls (if any) is $1 billion or more;
(iii) the entity and the entities it controls (if any) have 500 or more employees at the end of the financial year; and
(b) the entity is not a registered scheme, registrable superannuation entity or retail CCIV.
(3) In counting employees for the purposes of subsection (2), take part - time employees into account as an appropriate fraction of a full - time equivalent.
(4) This subsection applies to an entity for a financial year if:
(a) the entity is:
(i) a registered corporation under the National Greenhouse and Energy Reporting Act 2007 at the end of the financial year; or
(ii) required to make an application to be registered under subsection 12(1) of that Act in relation to the financial year; and
(b) the entity's group meets the threshold mentioned in paragraph 13(1)(a) of that Act for the financial year; and
(c) the entity is not a registered scheme, registrable superannuation entity or retail CCIV.
Matters worked out in accordance with standards
(5) For the purposes of this section:
(a) the question whether an entity controls an entity is to be decided in accordance with accounting standards made for the purposes of paragraph 295(2)(b); and
(b) consolidated revenue and the value of consolidated gross assets are to be calculated in accordance with accounting standards in force at the relevant time;
(even if the standards do not otherwise apply to the financial year of some or all of the entities concerned).