A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.1 - OVERVIEW  

SECTION 285  OVERVIEW OF OBLIGATIONS UNDER THIS CHAPTER  

285(1)  Obligations under this Chapter.  

 View history reference

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:

Table

Annual financial reporting
stepssectionscomments
1prepare financial reports 295The financial report includes:
· financial statements
· disclosures and notes
· directors' declaration.
2prepare directors' reports 298Unless the report relates to a company limited by guarantee, it has a general component (sections 299 and 299A), a specific component (section 300) and a special component for listed companies (section 300A). See section 285A for an overview of the obligations of companies limited by guarantee.
3have the financial report audited and obtain auditor's reports 301, 307, 308A 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.
There are similar rules for companies limited by guarantee (see section 285A for an overview).
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)).
4provide the financial report, directors' report and auditor's report to memberss 314Unless the report relates to a company limited by guarantee, a concise financial report may be provided to members instead of the full financial statements (subsections 314(1) and (2)). For deadline, see subsections 315(1) to (4). See section 285A for an overview of the obligations of companies limited by guarantee.
5lodge the financial report, directors' report and auditor's report with ASICs 319For deadline see s 319(3).
Companies that have the benefit of the grandfathering in the relevant Part 10.1 transitionals do not have to lodge.
6[public companies only] lay financial report, directors' report and auditor's report before AGMs 317For the AGM deadline see s 250N.

285(2)  Application to disclosing entities.  


This Chapter covers all disclosing entities:


(a) incorporated or formed in Australia; and
 View history reference


(b) whether or not they are companies or registered schemes.

285(3)  Application to registered schemes.  


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 taken to be the directors and officers of the scheme; and


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

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page