Overseas.

Transcription

1 Chartered Accountants Everyday Tools Financial Reporting Decision Tree Document Status: Current Last Content Update: 30 th June 2012 Date Added to Site: June 2012 Supplied By: Thomson Reuters (XYZ Model Financial Accounts) Number of Pages: 5 (Including cover sheet) Contact for more information: Phone: Within Australia Overseas Fax: knowledge@charteredaccountants.com. This document has been supplied to the Institute of Chartered Accountants in Australia as a free sample by Thomson Reuters and is extracted from its XYZ Model Financial Accounts, which is in hardcopy and CD format. Institute members are entitled to a 30% discount on this product. To take advantage of this offer visit DISCLAIMER The information in this document is provided for general guidance only and on the understanding that it does not represent, and is not intended to be, advice. Whilst care has been taken in its preparation, it should not be used as a substitute for consultation with professional accounting, tax, legal or other advisors. Before making any decision or taking any action, you should consult with an appropriate specialist or professional. warranty is given to the correctness of the information contained in this document, or its suitability for use by you. To the fullest extent permitted by law, no liability is accepted by the Institute of Chartered Accountants in Australia or Thomson Reuters for any statement or opinion, or for an error or omission or for any loss or damage suffered as a result of reliance on or use by any person of any material in the document. USAGE STATEMENT This publication is copyright. You are free to copy, amend, adapt, publish, communicate and use it in any manner you may choose. If you choose to use it without amendment or adaptation, the ownership of copyright by The Institute of Chartered Accountants in Australia & Thomson Reuter in the publication must be attributed at all times. If you do amend or adapt it, please remove any attribution to The Institute of Chartered Accountants in Australia & Thomson Reuters. COPYRIGHT NOTICE Copyright The Institute of Chartered Accountants in Australia & Thomson Reuters All rights reserved.

2 1 registered foreign Does the company originate from New Zealand? If so, does it lodge financial statements with the NZ Securities Commission? s 601CK financial Has the registered foreign company Order 02/1432? s 601CK financial Is the registered foreign company subject to an s 601CK(7) 1 declaration? s 601CK financial Is a financial report required in the place of origin? lodge annually with ASIC a statement of financial position, statement of comprehensive income, statement of cash flows and other information and documents required to be prepared in accordance with the law in their place of origin. requirement for audit unless specifically required in place of origin or if required by Prepare a statement of financial position, statement of comprehensive income and statement of cash flows as would be required with Lodge audited financial report annually with registered scheme? Prepare a financial report in accordance with Pt 2M.3 of the Corporations Act. Lodge audited financial report annually with disclosing entity? Prepare half-yearly and annual financial reports in accordance with Lodge audited annual financial Lodge audited or reviewed halfyearly financial report with Go To 2

3 2 Is the company a public Is the company a public company limited by guarantee? wholly owned subsidiary which has undertaken a deed of cross guarantee with an Australian parent? report under the Corporations Act. Lodge financial Go to para 3~0850 requirement to prepare or lodge a large proprietary wholly owned subsidiary which has undertaken a deed of cross guarantee with an Australian parent? requirement to prepare or lodge a Does the company satisfy the criteria of the grandfather provisions under s 319(4) of the Corporations Law? 2 (Applicable under s 1408 of the Corporations Act.) from ASIC to prepare a financial report? prepare audited financial requirement to lodge audited financial ASIC unless requested by report annually with Has the large proprietary company met the conditions of ASIC Class Order 98/1417? 3 prepare financial report in accordance with Pt 2M.3 of the Corporations Act; and lodge a financial audit required. Go To 3

4 3 small proprietary company controlled by a foreign Does the parent company lodge a consolidated financial report with ASIC under s 292(2)(b)? requirement to prepare Is the company part of a large group? Have the directors Order 98/98? of the Corporations Act. Lodge audited financial from ASIC to prepare a financial report? of the Corporations Act (subject to the request). and lodged with ASIC if requested. from shareholders that represent more than 5% of the voting shares to prepare a financial report? in accordance with the request. if requested by shareholders. requirement to prepare Have the directors Order 98/1417? 3 prepare financial report of the Corporations Act and lodge financial requirement to audit financial report. Go To 4 wholly owned subsidiary which has undertaken a deed of cross guarantee with an Australian parent? requirement to prepare

5 4 Has the small proprietary company from shareholders representing more than 5% of the voting shares to prepare a financial report? in accordance with the request. if requested by shareholders. 5 from ASIC to prepare a financial report? of the Corporations Act (subject to the request). and lodged with ASIC if requested. financial report required.