Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 1 - Annual financial reports, sustainability reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 292A   WHO HAS TO PREPARE ANNUAL SUSTAINABILITY REPORTS  

292A(1)    
Subject to subsection (2) , an entity must prepare a sustainability report for a financial year if:

(a)    the entity must prepare a financial report for the financial year under this Chapter; and

(b)    subsection (3) , (5) or (6) of this section applies to the entity for the financial year.

Note: For financial years commencing before 1 July 2027, only certain entities are required to prepare a sustainability report: see Part 10.77 .

292A(2)    
Despite subsection (1) , if:

(a)    the accounting standards require an entity (the parent ) to prepare financial statements in relation to a consolidated entity for the financial year; and

(b)    the parent elects to prepare a sustainability report for the consolidated entity for the financial year;

then:

(c)    the parent is the only entity in the consolidated entity that must prepare a sustainability report for the financial year; and

(d)    the sustainability report must be prepared as if the consolidated entity is a single entity.

Thresholds for sustainability reports

292A(3)    
This subsection applies to an entity for a financial year if it satisfies at least 2 of the following paragraphs:

(a)    the consolidated revenue for the financial year of the entity and the entities it controls (if any) is the following amount or more:

(i) the amount prescribed by regulations made for the purposes of paragraph 45A(2)(a) ;

(ii) if no amount is prescribed - $50 million;

(b)    the value of the consolidated gross assets at the end of the financial year of the entity and the entities it controls (if any) is the following amount or more:

(i) the amount prescribed by regulations made for the purposes of paragraph 45A(2)(b) ;

(ii) if no amount is prescribed - $25 million;

(c)    the entity and the entities it controls (if any) have the following number of employees or more at the end of the financial year:

(i) the number prescribed by regulations made for the purposes of paragraph 45A(2)(c) ;

(ii) if no number is prescribed - 100.

292A(4)    
In counting employees for the purposes of subsection (3) , take part-time employees into account as an appropriate fraction of a full-time equivalent.

292A(5)    
This subsection applies to an entity for a financial year if it is:

(a)    a registered corporation under the National Greenhouse and Energy Reporting Act 2007 at the end of the financial year; or

(b)    required to make an application to be registered under subsection 12(1) of that Act in relation to the financial year.

292A(6)    
This subsection applies to an entity for a financial year if:

(a)    the entity is a registered scheme, registrable superannuation entity or retail CCIV; and

(b)    the value of assets at the end of the financial year of the entity and the entities it controls (if any) is the following amount or more:

(i) the amount prescribed by regulations made for the purposes of this subparagraph;

(ii) if no amount is prescribed - $5 billion.

Matters worked out in accordance with standards

292A(7)    
For the purposes of this section:

(a)    the question whether an entity controls another entity is to be decided in accordance with accounting standards made for the purposes of paragraph 295(2)(b) ; and

(b)    consolidated revenue, the value of consolidated gross assets and the value of assets are to be calculated in accordance with accounting standards in force at the relevant time;

(even if the standards do not otherwise apply to the financial year of some or all of the entities concerned).