Australian Securities and Investments Commission
Corporations Act 2001 - Subsection 341(1) - Variation
Under subsection 341(1) of the Corporations Act 2001 the Australian Securities and Investments Commission varies Class Order [CO 98/1418] as follows:
1. in subparagraph (f)(i)(C) after "paragraph 39)" insert "(for reporting periods commencing before 1 January 2005) or AASB 127 "Consolidated and Separate Financial Statements" (except paragraphs 40 and Aus40.1) (for reporting periods commencing on or after 1 January 2005)";
2. in the Schedule;
(a) in the introductory words of the first paragraph omit "The", substitute "For reporting periods commencing before 1 January 2005, the"; and
(b) omit the second paragraph, substitute:
"For reporting periods commencing on or after 1 January 2005, the following information for the Relevant Financial Year with comparative information for the immediately preceding financial year:
(i) An Income Statement setting out the information specified by paragraphs 81 to 85 of accounting standard AASB 101 "Presentation of Financial Statements" ("AASB 101");
(ii) Opening and closing retained earnings, dividends provided for or paid, and transfers to and from reserves; and
(iii) A Balance Sheet complying with paragraphs 68 to 73 of AASB 101, except that if the entities concerned are, or comprise, an entity to which AASB 130 "Disclosures in the Financial Statements of Banks and Similar Financial Institutions" applies, the information specified by paragraphs 18 and 19 of AASB 130 may be provided instead of that specified by AASB 101."; and
3. under the heading "Interpretation":
(a) in the definition of "Certificate" omit paragraphs (a) to (e), substitute:
"(a) that the Deed is in exactly the same terms as ASIC Pro Forma 24 or 27 as the case requires except for the following:
(i) all instructions for the inclusion of specified information have been replaced by that information in a complete and accurate manner and any consequential changes of a minor or editorial nature that are necessary for the effective operation of the deed have been made;
(ii) execution clauses have been added, deleted, modified or varied as required in order to facilitate the proper execution of the deed;
(iii) the date has been completed;
(iv) the headnote, the headings before the headnote and any editorial note have been omitted;
(v) in the case of an Assumption Deed which covers more than one Entity - such variations as are necessary to enable the additional entities to be covered;
(vi) in the case of an Assumption Deed which covers making the trustee of the Deed of Cross Guarantee to which the Assumption Deed relates a member of the Closed Group – such variations as are necessary to enable the Assumption Deed to have that effect;
(b) that the provider of the certificate, after having made such inquiries as were reasonable in the circumstances, is of the opinion that the Deed:
(i) has been properly executed by the parties to it; and
(ii) is binding on, and enforceable against, the parties to it in accordance with its terms;
(c) that the Entity has satisfied all of its obligations under subsections 319(1) and (3) of the Act in relation to the 3 financial years before the first financial year for which the Entity seeks to take advantage of relief under this order; and
(d) that none of the auditor's reports covered by paragraph (c) are qualified;
where:
(e) the certificates referred to in paragraphs (a) and (b) are given by a lawyer who holds a practising certificate; and
(f) the certificates referred to in paragraphs (c) and (d) are given either by such a lawyer or a registered company auditor;"; and
(b) in the definition of "Control" omit "Accounts";" substitute "Accounts
(for reporting periods commencing before 1 January 2005) or AASB 127 "Consolidated and Separate Financial Statements" (for reporting periods commencing on or after 1 January 2005);".
Dated this 23rd day of December 2004
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission