Overview

The consolidated entity disclosure statement is only required for annual reports for Australian public companies (listed, unlisted and companies limited by guarantee).

Companies limited by guarantee reporting under ACNC (rather than Chapter 2M of the Corporations Act 2001) are not required to prepare a consolidated entity disclosure statement. For this reason, the statement is off by default for companies limited by guarantee.

As required by the Corporations Act 2001 (Australia):

  • Section 295(3A)(a): if preparing consolidated financial statements, complete the information in the table
  • Section 295(3A)(b): otherwise, leave the table empty and the mandatory wording will print.

If the statement is off in Sections setup or empty, a declaration regarding the statement not being required will appear in the Directors' declaration (this statement can also be turned off).

Therefore, there are four scenarios:

  • Consolidated entity disclosure statement with data in the table (consolidated entity)
  • Consolidated entity disclosure statement with no data and a warning appears in the statement (consolidated entity)
  • Consolidated entity disclosure statement with mandatory wording (single entity)
  • Directors' declaration with a declaration regarding the statement not being required (single entity - practical application)


Relationship to the Interests in subsidiaries note

There are no links to the Interests in subsidiaries note for a variety of reasons including: the statement does not include only subsidiaries, the subsidiaries order may be different, subsidiaries with non-controlling interests may be in different tables, entities excluded from the note based on materiality (such as dormant entities), entities disposed of during the year, additional information for entity type and tax residency, etc. Therefore, a review of information in the note and statement is recommended.


Disclosure

Column Contents

Entity name

The legal entity name

Entity type

Either: 

  • Body corporate
  • Partnership
  • Trust

Place formed / Country of incorporation

Only required for body corporates (company) and typically this would be the country of incorporation.

If a partnership or trust, this can be blank.

Ownership interest

Only required for body corporates (company) and 100% if wholly owned. This should be reviewed against the interests in subsidiaries note.

If a partnership or trust, this can be -% or blank (using print zero as blank). Investments accounted for using the equity method (for example associates and joint ventures) are excluded from the statement.

Tax residency

For all entities, list the tax jurisdiction that the entity is a resident of (for example Australia, New Zealand, United Kingdom, Singapore etc.). For body corporates, typically this would be the same as the country of incorporation.


Change orientation of statement

To change the orientation:

  • Click Orientation
  • Select Portrait or Landscape