Section 1707B — Corporations Act 2001: Application of amendments—sustainability reporting

(1) Section 292A, as inserted by Part 1 of the amending Schedule, applies to an entity for a financial year if: (a) both of the following subparagraphs apply: (i) the financial year commences during the first transitional period; (ii) subsection (2) or (4) of this section applies to the entity for the financial year; or (b) both of the following subparagraphs apply: (i) the financial year commences during the second transitional period; (ii) subsection 296B(2), (4) or (5) applies to the entity for the financial year; or (c) the financial year commences on or after 1 July 2027. Entities with new reporting for a financial year commencing during first transitional period (2) This subsection applies to an entity for a financial year if: (a) the entity satisfies at least 2 of the following subparagraphs: (i) the consolidated revenue for the financial year of the entity and the entities it controls (if any) is $500 million or more; (ii) 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 $1 billion or more; (iii) the entity and the entities it controls (if any) have 500 or more employees at the end of the financial year; and (b) the entity is not a registered scheme, registrable superannuation entity or retail CCIV. (3) In counting employees for the purposes of subsection (2), take part-time employees into account as an appropriate fraction of a full-time equivalent. (4) This subsection applies to an entity for a financial year if: (a) the entity is: (i) a registered corporation under the National Greenhouse and Energy Reporting Act 2007 at the end of the financial year; or (ii) required to make an application to be registered under subsection 12(1) of that Act in relation to the financial year; and (b) the entity’s group meets the threshold mentioned in paragraph 13(1)(a) of that Act for the financial year; and (c) the entity is not a registered scheme, registrable superannuation entity or retail CCIV. Matters worked out in accordance with standards (5) For the purposes of this section: (a) the question whether an entity controls an entity is to be decided in accordance with accounting standards made for the purposes of paragraph 295(2)(b); and (b) consolidated revenue and the value of consolidated gross 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).