Dragon Limited Is an Entity Listed in Hong Kong

question 21

Multiple Choice

Dragon Limited is an entity listed in Hong Kong.Dragon Limited holds a 100% investment in Aussie Pty Ltd,an Australian based company,who in turn holds a 90% interest in Bondi Pty Ltd.Aussie Pty Ltd and the Aussie group (comprising Aussie and Bondi) 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 Dragon is a listed foreign entity.

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