THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

PART 2M.3 - FINANCIAL REPORTING

Division 1 - Annual financial reports and directors' reports

SECTION 292   WHO HAS TO PREPARE ANNUAL FINANCIAL REPORTS AND DIRECTORS' REPORTS  

292(1)  (Financial report and directors' report)  

A financial report and a directors' report must be prepared for each financial year by:

(a)  all disclosing entities; and

(b)  all public companies; and

(c)  all large proprietary companies; and

(d)  all registered schemes.

Note:

This Chapter only applies to disclosing entities incorporated or formed in Australia (see subsection 285(2)).

292(2)  (Small proprietary company)  

A small proprietary company has to prepare the financial report and directors' report only if:

(a)  it is directed to do so under section 293 or 294; or

(b)  it was controlled by a foreign company for all or part of the year and it is not consolidated for that period in financial statements for that year lodged with ASIC by:

(i) a registered foreign company; or

(ii) a company, registered scheme or disclosing entity.

The rest of this Part does not apply to any other small proprietary company.