Friday 7 July 2006 IR 06 – LAWFUEL – Press Release Service – The Au…

Friday 7 July 2006 IR 06 - LAWFUEL - Press Release Service - The Australian Securities and Investments Commission (ASIC) today released Class Order [CO 06/0441] Including different registered scheme financial reports in a single document. The class order allows the financial statements of different registered schemes to be presented in adjacent columns in a single financial report. The schemes must have a common responsible entity or responsible entities that are wholly beneficially owned by the same entity. ‘While the financial statements should always be presented in the manner that is most useful for investors, this relief may save preparation, printing and distribution costs’, ASIC’s Deputy Chief Accountant, Mr Doug Niven said. The class order requires a prominent statement noting that each responsible entity only takes responsibility for the financial reports of the schemes that it operates. There must be a separate directors’ report and a separate directors’ declaration from each responsible entity covering the schemes that it operates. The information in any directors’ reports, directors’ declarations and auditors’ reports must be presented in a way that enables each scheme for which any aspect is relevant to be identified. There is no relief from any obligation for directors of a responsible entity or the scheme auditors to form separate opinions in relation to each scheme. The relief is only available where the schemes have the same auditor. Certain disclosures must be made concerning the ability to invest the proceeds of a withdrawal from one scheme into another scheme. [CO 06/0441] replaces class order [CO 05/0643] Combining registered scheme financial reports. Class Order [CO 06/0441] differs from [CO 05/643] in allowing a financial report to include financial statements of: (a) schemes with related responsible entities in addition to those with a common responsible entity; and (b) closed schemes. The class order commenced on 29 June 2006 when it was registered under the Legislative Instruments Act. Copies of the class order are available from ASIC’s website at www.asic.gov.au or by calling the ASIC Infoline on 1300 300 630. For further information contact: Doug Niven Deputy Chief Accountant Telephone: 02 9911 2079 Mobile: 0411 549 278 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769

Friday 7 July 2006 IR 06 – LAWFUEL – Press Release Service – The Au…

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