Corporations Act 2001
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 1: This Chapter only applies to disclosing entities incorporated or formed in Australia (see subsection 285(2) ).
Note 2: Section 1232C extends this section to preparing annual financial reports and directors ' reports for sub-funds of retail CCIVs, and applies this Division accordingly.
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; or
The rest of this Part does not apply to any other small proprietary company.
[ CCH Note: S 292(2) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " the Registrar " for " ASIC " in para (b) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
Despite subsection (1) , a small company limited by guarantee has to prepare the financial report and directors ' report only if it is directed to do so under section 294A or 294B . The rest of this Part does not apply to any other small company limited by guarantee.