Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 285

Obligations under this Chapter

(1)

Under this Chapter, all companies, registered schemes and disclosing entities must keep financial records (see sections

286-291)—and some must prepare financial reports (see sections 292- 323D). All those that have to prepare financial reports have to prepare them annually; disclosing entities have to prepare half-year financial reports as well. The following table sets out what is involved in annual financial reporting:

Annual financial reporting

steps

sections

comments

1

prepare financial report

s. 295

The financial report includes:

* financial statements * disclosures and notes * directors' declaration.

2

prepare directors' report

s. 298

The report has both a general component (s. 299) and a specific component (s. 300).

3

have the financial report audited and obtain auditor's report

s. 301, 307, 308

A small proprietary company preparing a financial report in response to a shareholder direction under s. 293 only has to have an audit if the direction asks for it. Under s. 312, officers must assist the auditor in the conduct of the audit. ASIC may use its exemption powers under s. 340 and 341 to relieve large proprietary companies from the audit requirements in appropriate cases (s. 342(2) and (3)).

4

send the financial report, directors' report and auditor's report to members

s. 314

A concise financial report may be sent to members instead of the full financial statements (s. 314(1)-(2)). For deadline see s. 315(1)-(4).

5

lodge the financial report, directors' report and auditor's report with ASIC

s. 319

For deadline see s. 319(3). Companies that have the benefit of the grandfathering in s. 319(4) do not have to lodge.

6

[public companies only] lay financial report, directors' report and auditor's report before AGM

s. 317

For the AGM deadline see s. 250N.

Application to disclosing entities

(2)

This Chapter covers all disclosing entities incorporated or formed in this jurisdiction (whether or not they are companies or registered schemes).

Application to registered schemes

(3)

For the purposes of applying this Chapter to a registered scheme:

(a)

the scheme's responsible entity is responsible for the performance of obligations in respect of the scheme; and

(b)

the directors and officers of the responsible entity are to be taken to be the directors and officers of the scheme; and

(c)

the debts incurred in operating the scheme are to be taken to be the debts of the scheme.