Large proprietary companies (that are not disclosing entities)

A company’s financial reporting obligations depend on the type of company it is. There are several types of large proprietary companies:

Wholly-owned companies that entered into deeds of cross guarantee with every other company in the closed group

These companies are not required to comply with Part 2M.3 of the Corporations Act 2001 (Corporations Act). If all conditions in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 are met, these companies do not have to prepare audited financial statements for lodgement with ASIC or for sending to members.

Large proprietary companies that are ‘grandfathered’ proprietary companies

You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act.

These financial reports must be audited and sent to members within four months of financial year end.

For information on what a ‘grandfathered’ large proprietary company is, see exemption from having to lodge a financial report for ‘grandfathered’ large proprietary company.

'Grandfathered' large proprietary companies and ASIC has requested lodgement of financial reports

If we ask you to lodge financial reports under section 321 of the Corporations Act, you must prepare these in accordance with Chapter 2M of the Corporations Act.

These financial reports must be:

  • audited
  • lodged with ASIC by the specified date
  • sent to members within four months of the financial year end.

Large proprietary companies that have not been audited in any financial year since 1993

You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act.

These financial reports must be:

Other large proprietary companies

You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act.

These financial reports must be:

  • audited
  • lodged with ASIC within four months of the financial year end
  • sent to members within four months of the financial year end.

What's new

Industry funding

ASIC has released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ASIC’s 2017-18 regulatory activities. 6 Oct, 17-334MR

Review of 31 December 2016 financial reports

ASIC has announced the results from a review of the 31 December 2016 financial reports of 90 listed and other public interest entities. 17-219MR, 30 June

Inspection of audits for 2015–16

ASIC has released the results of its audit firm inspections for the 18 months to 31 December 2016, as well as three information sheets related to improving audit quality and our inspection process. 17-214MR, 29 June

Communicating ASIC’s findings from audit files,

This new regulatory guide provides transparency on our criteria and process for communicating financial reporting and audit findings. 17-200MR, 23 June

More releases on financial reporting and audit

Last updated: 20/10/2014 12:00