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Problem 1: 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?
Select one:
Option 1: Aussie Pty Ltd will not be required to prepare consolidated financial statements as they are a non- reporting entity.
Option 2: Aussie Pty Ltd will be required to prepare consolidated financial statements as the ultimate Australian parent
Option 3: Aussie Pty Ltd will not be required to prepare consolidated financial statements as Kowloon is a listed foreign entity.
Option 4: Aussie Pty Ltd will be required to prepare consolidated financial statements only if directed to do so by ASIC.
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