Did you know there are some entities that cannot eliminate parent entity financial statements under the corporate reporting reforms?

On 1 September 2010, APRA wrote to all APRA regulated groups (other than Foreign Branches, licensed Registrable Superannuation Entities and Retirement Savings Account providers) requesting that they not take advantage of the parent entity financial statements exemption as recently enacted through the Corporate Reporting Reform Act. APRA believes that the continued inclusion of parent entity information is important so that they can assess the parent entity’s ability to fulfil its obligations to depositors and policy holders on a standalone basis.
Under s.989B of the Corporations Act, Australian Financial Service Licence holders are required to lodge financial statements showing the performance and financial position of the licence holder (refer to ASIC Form FS70). Where the licence holder is a parent entity of a group that is determined to be a reporting entity, ASIC requires that both the separate financial statements of the parent and the consolidated financial statements of the group are lodged.

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Rob Mackay
T +61 3 8635 1800
rmackay@moorestephens.com.au

www.moorestephens.com.au

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This article is part 2 of a 3 part series. Other articles in this series are shown below:

Dividends under revised Section 254T– Interpretational dramas and the backdoor mandating of accounting standards

Dividends under revised Section 254T– Interpretational dramas and the backdoor mandating of accounting standards
Did you know there are some entities that cannot eliminate parent entity financial statements under the corporate reporting reforms?

Did you know there are some entities that cannot eliminate parent entity financial statements under the corporate reporting reforms?
Streamlined reporting to members of public companies limited by guarantee

Streamlined reporting to members of public companies limited by guarantee