Australian Securities and Investments Commission Class Order [CO 98/107] (Cth)

ASIC Class Order [CO 98/107]

NSW workers compensation statutory funds

This instrument has effect under subsection 341(1) of the Corporations Act 2001.

This compilation was prepared on 1 September 2005 taking into account amendments up to [CO 04/666].

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission

Corporations Act 2001 — Section 341(1) — Class Order and Revocation

Pursuant to subsection 341(1) of the Corporations Act 2001 (“the Act”) the Australian Securities and Investments Commission hereby makes an order in respect of each company and disclosing entity which is:

(a)   licensed under the Workers Compensation Act 1987 of New South Wales to provide workers compensation liability insurance; or

(b)   the parent entity of such a company or disclosing entity,

(“the Entity”), relieving the Entity from compliance with the requirements of the Act specified in the Schedule in relation to financial years and half-years commencing on or before 31 December 2004 where:

(c)   the financial report contains a separate financial report in respect of the statutory funds (“the separate financial  report”) that:

(i)    is prepared in accordance with the requirements set out in accounting standard AASB 1034 “Information to be Disclosed in Financial Reports” or, if applicable to the Entity's financial statements, accounting standards AASB 1018 “Statement of Financial Performance”, AASB 1034 “Financial Report Presentation and Disclosures” and AASB 1040 “Statement of Financial Position” except to the extent that they are prepared in accordance with requirements specified in writing by the WorkCover Authority of NSW (“the Authority”) which differ from the requirements set out in those accounting standards; and

(ii)   gives a true and fair view of the matters required to be dealt with;

(d)   the financial report contains notes:

(i)    explaining the nature of the statutory funds and the Entity's or controlled entity's rights and obligations in respect of the same;

(ii)   providing details of the relief given by this class order; and

(iii)   providing details of the requirements specified by the Authority;

(e)   if a concise financial report is prepared, accounting standard AASB 1039 “Concise Financial Reports” is applied as if paragraph 5.2 were replaced by the following paragraph:

“5.2 Each financial statement must be presented as in the financial report, in accordance with current Accounting Standards (as modified by the application of any relief provided by the Australian Securities and Investments Commission pursuant to s340 or s341 of the Corporations Act), except for the omission of cross-references to notes to the financial statements in the financial report.”; and

(f)    any concise financial report for the accounting period includes the statement “ASIC Class Order 98/107 has been applied in accounting for New South Wales workers compensation statutory funds managed by the entities in the economic entity.” or a similar statement.

Schedule

Subsections 295(2) and 296(1) and section 297 of the Act insofar as those provisions require the Entity to incorporate details of the performance and state of affairs of the statutory funds required to be maintained by the Entity or a controlled entity of the Entity pursuant to the Workers Compensation Act 1987 of New South Wales (“the statutory funds”) in the financial report.

Pursuant to subsection 341(1) of the Corporations Law the Australian Securities and Investments Commission hereby revokes Class Order Number 97/1014 dated 9 July 1997 with effect from:

(i)    in respect of entities which apply the relief provided by Class Order 98/0095 dated 10 July 1998, financial years ending after 7 July 1998; and

(ii)   in all other cases, financial years ending after 30 June 1998.

Notes to ASIC Class Order [CO 98/107]

Note 1

ASIC Class Order [CO 98/107] (in force under subsection 341(1) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the Tables below.

Table of Instruments

Instrument number	Date of making or FRLI registration	Date of commencement	Application, saving or transitional provisions
[CO 98/107]	10/7/1998	10/7/1998	-
[CO 99/90]	11/2/1999	11/2/1999	-
[CO 00/321]	8/2/2000	8/2/2000	-
[CO 04/666]	1/7/2004	1/7/2004	-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected	How affected
First para	am. [CO 99/90]; [CO 00/321]; [CO 04/666]
First para (e) and (f)	ad. [CO 99/90]
Class order	am. [CO 04/666]