QBE Insurance Group Ltd v ASC

110 ALR 301
38 FCR 270; (1992) 10 ACLC 1490; (1992) 8 ACSR 631; (1992) 28 ALD 334; 1992 - 0923B - FCA; Nos. G 584 and 3143 of 1992 Fed No. 697

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Between: QBE Insurance Group Ltd
And: ASC

Court:

Judge: Lockhart J

Subject References:
Corporations
Management
Accounts
Accounting standards
Validity of AASB1023
Circulating capital as investment assets
Accounting for unrealised gains and losses on investments
Whether inconsistent with meaning of 'profits'
Whether gives a true and fair view of financial affairs
Principle that unrealised accretions available for dividends
profits

Legislative References:
Corporations Law - s 9; s 201; s 284; s 286A; s 292; s 293; s 297; s 298; s 299; s 313
Corporations Act 1989 (Cth) - s 32(1)
Corporations Regulations 1990 (Cth) - Sch 5; reg 3.6.02(2)

Case References:
Commissioner of Taxes (SA) v Executor Trustee and Agency Co of SA Ltd (Carden's case) - (1938) 63 CLR 108 applied
GRE Insurance Ltd v FCT - 92 ATC 4089

Hearing date: 1 September 1992, 2 September 1992, 8 September 1992
Judgment date: 23 September 1992

Sydney

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ORDER

THE COURT ORDERS THAT:

1. The application be dismissed.

2. The applicants pay the costs of the respondents of the proceeding.

Note:  Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.