Reporting obligations for public companies
The financial reporting obligations of a public company depend on whether it is a company that is:
- not a disclosing entity or a company limited by guarantee
- not a disclosing entity
- limited by guarantee.
You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act 2001 (Corporations Act).
These financial reports must be:
- lodged with ASIC within four months of financial year end
- sent to members by the earlier of four months after year end or 21 days before the next AGM.
A public company that is not a disclosing entity is not required to comply with Part 2M.3 of the Corporations Act if all conditions of ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 are met, and it is also not:
- a borrowing corporation
- the guarantor of such a borrower, or
- a financial services licensee
- is a wholly-owned entity
- undertook a deed of cross guarantee with every other company in the closed group.
These companies do not have to prepare audited financial statements for lodgement with ASIC or for sending to members.