Financial Statement

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Corporations Act Entities with Financial Reporting Obligations Based on information lodged with ASIC in the 12 months to 30 June 2007, there were 1,574,339 companies, registered schemes and disclosing entities in Australia. Of these, 32,814 are expected to have financial reporting obligations under the current requirements in Chapter 2M of the Corporations Act. These companies are divided as follows:

Large Proprietary Companies
Who are they?
Proprietary companies that meet two out of the following three tests: (i) consolidated assets of $12.5m or more
(ii) consolidated revenue of $25m or more
(iii) 50 or more employees in the company and its controlled entities What are their financial reporting obligations?
Prepare and lodge a directors' report and audited financial report with ASIC. How many are reporting?
4,393 including approximately 400 with ASIC audit relief (excludes grandfathered large proprietary companies discussed below)

Small Proprietary Companies
Not Controlled by a Foreign
Company

Controlled by a Foreign Company

Who are they?
Who are they?
Proprietary companies below the size thresholds
Proprietary companies below the size
thresholds that are not controlled by a foreign that are controlled by a foreign company. company.
What are their financial reporting
obligations?
What are their financial reporting
Required by Corporations Act to report in the
obligations?
Must maintain written financial records that same manner as large proprietary companies. would enable true and fair financial statements However, ASIC provides Class Order Relief so they are treated the same as other small

to be prepared and audited. Can also be
directed by ASIC or shareholders with 5 per proprietary companies if they are not part of a large group.
cent of voting capital to prepare an audited
financial report.
How many are reporting?
97 (1,539,476 were not required to report)

How many are reporting?
1,873 (1,659 have ASIC relief and were not
required to report)

Grandfathered Large Proprietary Companies
Who are they?
Who are they?
Proprietary companies incorporated prior to 1995 (when the obligation for large proprietary What are to report was reporting obligations?
companiestheir financial introduced) that were previously exempt proprietary companies, had their financial reports audited and met certain other requirements. How are are financial reporting obligations?

Whatmanytheirthere?
Must prepare a directors' report and audited financial report but no requirement to lodge with ASIC
How many are reporting?
1,714

Listed Public Companies
Who are they?
Public companies that are listed on a stock exchange.
What are their financial reporting obligations?
Prepare and lodge an annual directors' report and an audited remuneration report and financial report. Prepare and lodge a half-year directors' report and financial report that has been reviewed or audited by an auditor.

How many are reporting?
1,865

Unlisted Public Companies Other than
those Limited only by Guarantee
Who are they?
Public companies that are not listed on a stock exchange other than those only limited by guarantee (discussed below). They include companies limited only by shares, a small number of 'no-liability' public companies and public companies limited by both shares and guarantee.

What are their financial reporting obligations?
Prepare and lodge an annual directors' report and an audited financial report.
How many are reporting?
7,064

Registered Schemes
Listed

Unlisted
Who are they?
Who are they?
A scheme registered to carry on business in Who are they? the Corporations Act Australia under
A scheme registered under the Act that is A scheme registered under the Act that is also listed their stock exchange.
not listed on a stock exchange.
What are on a financial reporting obligations?
Prepare and lodge an annual directors' report and audited remuneration report and What are their financial...
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