Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.935

  (1)   Audited consolidated financial statements for an entity for a period are:

  (a)   the financial statements that meet the requirements in subsection   (2) for the entity for the period; or

  (b)   if more than one set of financial statements meet the requirements in subsection   (2) for the entity for the period--whichever of those sets of financial statements the entity chooses.

  (2)   Financial statements meet the requirements in this subsection for an entity for a period (the relevant period ) if:

  (a)   the statements have been prepared on a consolidated basis in relation to the entity and one or more other entities in accordance with standards covered by subsection   (3) or (4) (the recognised overseas accounting standards ); and

  (b)   one of the entities is a worldwide parent entity mentioned in subsection   (6); and

  (c)   the statements show the amounts mentioned in subsections   820 - 933(1), (2) and (3) (however described) on that consolidated basis and in accordance with those standards; and

  (d)   the statements have been audited (and the auditor's report is unqualified) in accordance with a requirement in the law of:

  (i)   a foreign jurisdiction mentioned in subsection   (3) of this section; or

  (ii)   another jurisdiction that has adopted the standards mentioned in subsection   (4); and

  (e)   the statements are for the most recent period ending:

  (i)   no later than the end of the relevant period; and

  (ii)   no earlier than 12 months before the start of the relevant period.

Recognised overseas accounting standards

  (3)   This subsection covers the standards (however described) that apply to the preparation of financial statements and are made, or adopted, by the responsible body in any of the following (a foreign jurisdiction ):

  (a)   the European Union;

  (aa)   the United Kingdom;

  (b)   the United States of America;

  (c)   Canada;

  (d)   Japan;

  (e)   New Zealand;

  (f)   a jurisdiction specified in an instrument under subsection   (5).

  (4)   This subsection covers the international financial reporting standards that are made or adopted by the International Accounting Standards Board.

  (5)   The Minister may, by legislative instrument, specify one or more jurisdictions for the purposes of paragraph   (3)(f).

Worldwide parent entity

  (6)   For the purposes of paragraph   (2)(b), an entity in relation to which financial statements have been prepared is a worldwide parent entity if, for the purposes of the standards in accordance with which the statements were prepared, the entity is not controlled by another entity.