(1) Despite section 32.2, an issuer is not required to include the following financial statements in a prospectus
(a) the statement of comprehensive income, the statement of changes in equity, and the statement of cash flows for the third most recently completed financial year, if the issuer is
(i) an IPO venture issuer, or
(ii) a reporting issuer in at least one jurisdiction immediately before filing the prospectus,
(b) the statement of comprehensive income, the statement of changes in equity, and the statement of cash flows for the third most recently completed financial year, and the financial statements for the second most recently completed financial year, if
(i) the issuer is a reporting issuer in at least one jurisdiction immediately before filing the prospectus, and
(ii) the issuer includes financial statements for a financial year ended less than
(A) 90 days before the date of the prospectus, or
(B) 120 days before the date of the prospectus, if the issuer is a venture issuer,
(c) the statement of comprehensive income, the statement of changes in equity, and the statement of cash flows for the third most recently completed financial year, and the statement of financial position for the second most recently completed financial year, if the issuer includes financial statements for a financial year ended less than 90 days before the date of the prospectus,
(d) the statement of comprehensive income, the statement of changes in equity, and the statement of cash flows for the third most recently completed financial year, and the financial statements for the second most recently completed financial year, if
(i) the issuer is a reporting issuer in at least one jurisdiction immediately before filing the prospectus,
(ii) the issuer includes audited financial statements for a period of at least nine months commencing the day after the most recently completed financial year for which financial statements are required under section 32.2,
(iii) the business of the issuer is not seasonal, and
(iv) none of the financial statements required under section 32.2 are for a financial year that is less than nine months,
(e) the statement of comprehensive income, the statement of changes in equity, and the statement of cash flows for the third most recently completed financial year, and the statement of financial position for the second most recently completed financial year, if
(i) the issuer includes audited financial statements for a period of at least nine months commencing the day after the most recently completed financial year for which financial statements are required under section 32.2,
(ii) the business of the issuer is not seasonal, and
(iii) none of the financial statements required under section 32.2 are for a financial year that is less than nine months, or
(f) the separate financial statements of the issuer and the other entity for periods prior to the date of the transaction, if the restated combined financial statements of the issuer and the other entity are included in the prospectus under paragraph 32.1(c).
(2) Paragraphs (1)(a), (b) and (d) do not apply to an issuer
(a) whose principal asset is cash, cash equivalents or its exchange listing; or
(b) in respect of financial statements of a reverse takeover acquirer for a completed or proposed transaction by the issuer that was or will be accounted for as a reverse takeover.