CORPORATIONS ACT 2001 - SECT 292 Who has to prepare annual financial reports and directors' reports
CORPORATIONS ACT 2001 - SECT 292
Who has to prepare annual financial reports and directors' reports(1) 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; and
(e) all registrable superannuation entities.
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.
Small proprietary companies
(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.
Small companies limited by guarantee
(3) 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.
Registrable superannuation entities
(4) The regulations may provide that a financial report prepared by a registrable superannuation entity must comply with prescribed requirements.
(5) The regulations may provide that a directors' report prepared by a registrable superannuation entity must comply with prescribed requirements.