Corporations (Passport) Rules 2018
16Financial reporting and auditing
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16 Financial reporting and auditing
(1) The operator of a passport fund must, in accordance with this section: (a) prepare reports containing financial statements for the passport fund; and (b) ensure that those financial statements are audited, and that an audit report is prepared; and (c) lodge those reports with the home regulator, and each host regulator, for the fund.
Note: In addition to complying with this section, the operator of a passport fund may be required by the laws of the host economy to prepare financial reports and ensure they are audited and an audit report is prepared in accordance with the laws of the host economy, and lodge those reports with the host regulator. See, for example, section 343A of the Corporations Act 2001.
Financial statements of a passport fund (2) The operator must, at least each financial year, in accordance with the prevailing practice for the preparation of audited financial statements for a regulated CIS in the home economy for the passport fund, prepare a report containing the financial statements for the fund for the period covered by the report (the review period). (3) The financial statements of a passport fund must be prepared in accordance with the financial reporting requirements applying to the passport fund. (4) For this section, the financial reporting requirements applying to a passport fund registered in a participating economy are those shown in the following table:
| Item | Home economy for the passport fund | Financial reporting requirements |
|---|---|---|
| 1 | Australia | Requirements imposed under Chapter 2M of the Corporations Act 2001 (including as modified by Part 8B.4 of that Act in relation to a CCIV) and, the accounting standards made by the Australian Accounting Standards Board under that Act. |
| 2 | Japan | Requirement imposed under the Financial Instruments and Exchange Act and other relevant regulations. |
| 3 | Korea | The accounting standards under Article 240 of the Financial Investment Services and Capital Markets Act of Korea. |
| 4 | New Zealand | Requirements imposed under Part 7 of the Financial Markets Conduct Act 2013. |
| 5 | Singapore | The relevant accounting standards made by the Accounting Standards Council under the Accounting Standards Act (Cap. 2B) and the Recommended Accounting Practices (or its equivalent) issued by the Council of the Institute of Singapore Chartered Accountants (or its successors). |