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.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.