Commonwealth Numbered Regulations

CORPORATIONS AMENDMENT REGULATIONS 2010 (NO. 6) (SLI NO 184 OF 2010) - SCHEDULE 1

(regulation 3)

[1]           Before regulation 2M.3.03, in Part 2M.3

insert

2M.3.01   Disclosures required by notes to consolidated financial statements  -- annual financial reports (Act s 295)

         (1)   For paragraph 295 (3) (a) of the Act, if paragraph 295 (2) (b) of the Act applies to a parent entity, the following disclosures are required in the notes to the financial statements of the consolidated entity:

                (a)    current assets of the parent entity;

               (b)    total assets of the parent entity;

                (c)    current liabilities of the parent entity;

               (d)    total liabilities of the parent entity;

                (e)    shareholders' equity in the parent entity separately showing issued capital and each reserve;

                (f)    profit or loss of the parent entity;

                (g)    total comprehensive income of the parent company;

                (h)    details of any guarantees entered into by the parent entity in relation to the debts of its subsidiaries;

                 (i)    details of any contingent liabilities of the parent entity;

                (j)    details of any contractual commitments by the parent entity for the acquisition of property, plant or equipment;

               (k)    comparative information for the previous period for each of paragraphs (a) to (j).

         (2)   The disclosures in subregulation (1) must be calculated in accordance with accounting standards in force in the financial year to which the disclosure relates.

         (3)   In this regulation:

"parent entity" means a company, registered scheme or disclosing entity that is required by the accounting standards to prepare financial statements in relation to a consolidated entity.

[2]           Before regulation 2M.4.01, in Part 2M.4

insert

2M.4.01A        Specified practising certificates (Act s 324BE)

                For paragraph 324BE (1) (b) of the Act, the following kinds of practising certificates are specified:

                (a)    the Certificate of Public Practice issued by The Institute of Chartered Accountants in Australia;

               (b)    the Public Practice Certificate issued by CPA Australia Ltd or the National Institute of Accountants.

[3]           After regulation 12.6.01

insert

12.06.01A       Annual financial reporting

                For section 343 of the Act, the operation of Chapter 2M of the Act, in relation to a company limited by guarantee that is mentioned in paragraphs 12.06.01 (2) (b) and (c), is modified by omitting subsections 314 (1AAA) and 316 (5) and section 316A of the Act.