RG 85 Reporting requirements for non-reporting entities
Issued 1 July 2005
This guide provides guidance on application of the reporting entity test and the reporting obligations for non-reporting entities.
In particular, ASIC believes that non-reporting entities, which are required to prepare financial reports in accordance with Ch 2M of the Corporations Act 2001, should comply with the recognition and measurement requirements of accounting standards.
This guide also discusses:
- the obligations of directors and auditors to carefully consider whether an entity should be classified as a reporting entity or a nonreporting entity, and
- when consolidated financial reports must be prepared.
This guide replaces Information Release [IR 00/025] Reporting requirements for non-reporting entities for financial reports for financial years commencing on or after 1 January 2005.