AASB 10 Consolidated Financial Statements 4(a): Exemption from consolidating: a parent may skip group statements only if all four tests are met (owners informed without objection, no publicly traded instruments, no filing to issue in a public market, and a higher parent publishing IFRS-compliant consolidated or fair-value statements)

What does 4(a) require?

Any entity that is a parent must present consolidated statements unless it qualifies for the exemption. To qualify, every test must hold at once: it is wholly owned, or partly owned with all other owners (including non-voting holders) told of the intention and raising no objection; none of its debt or equity is traded on a domestic or foreign exchange or over-the-counter market; it has not filed, and is not filing, its statements with a securities regulator to issue instruments publicly; and an ultimate or intermediate parent publishes, for public use, IFRS-compliant statements in which subsidiaries are either consolidated or measured at fair value with changes recognised in profit or loss as this Standard requires. Post-employment and other long-term employee benefit plans within AASB 119 are outside the Standard (paragraph 4A).