Kowloon Limited Is an Entity Listed in Hong Kong

question 30

Multiple Choice

Kowloon Limited is an entity listed in Hong Kong. Kowloon Limited holds a 100% investment in Aussie Pty Ltd, an Australian based company, who in turn holds a 90% interest in Skippy Pty Ltd. Aussie Pty Ltd and the Aussie group (comprising Aussie and Skippy) are both non-reporting entities. Which of the following statements is correct?

• A) Aussie Pty Ltd will be required to prepare consolidated financial statements as the ultimate Australian parent.
• B) Aussie Pty Ltd will not be required to prepare consolidated financial statements as they are a non-reporting entity.
• C) Aussie Pty Ltd will be required to prepare consolidated financial statements only if directed to do so by ASIC.
• D) Aussie Pty Ltd will not be required to prepare consolidated financial statements as Kowloon is a listed foreign entity.

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Definitions:

Organic Nutrients

Substances derived from living organisms necessary for growth and health, including vitamins, minerals, and amino acids.

Immune Antibodies

Proteins in the blood that are produced in response to and counteract specific antigens, playing a key role in the immune response.

Fibrocartilage

A type of tough, dense, and supportive cartilage that contains collagen fibers, found in areas such as intervertebral discs and menisci.

Nose

External structure of the respiratory system that is involved in the process of ventilation.