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: This Chapter only applies to disclosing entities incorporated or formed in Australia (see subsection 285(2) ).Small proprietary companies. 292(2)
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
(c) it has one or more CSF shareholders at any time during the financial year.
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 22 June 2022 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.
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