23 June 2004

Mr Ross Cameron MHR
Parliamentary Secretary to the Treasurer
Parliament House
CANBERRA ACT 2601

Dear Mr Cameron

Parent Entity Financial Reports

The Group of 100 (G100) has, for some time, expressed support for reviewing the Corporations Act requirements on the status and reporting requirements relating to parent entity financial reports.

We believe that parent entity financial reports should be audited and lodged with ASIC and that summary information be included in the consolidated financial report. The need for reform of the requirements is reinforced by the Year 2005 strategy and the fact that IASB Standards focus on consolidated financial reports.

Our submission in response to the AASB Discussion Paper ‘Relevance of Parent Entity Financial Reports’ is enclosed.

Yours sincerely

John V Stanhope
National President

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