ASIC Reporting and AASB Standards Reporting
- preparation of Annual and Half-Yearly Financial Reports in according with the AASB for public companies
- preparation of Financial Reports in according with the AASB for private companies, if requires
- ASIC financial reporting for public companies
- ASIC reporting for private companies controlled by foreign company
The Australian Accounting Standards Board (AASB) is a government agency formed under the Australian Securities and Investments Commission (ASIC) act that regulates the accounting standards. The AASB sets the accounting standards that are legislative mandatory requirements for businesses.
If your business is small, you may not need to lodge reports with the ASIC. However, registered schemes, public and large proprietary businesses and certain other proprietary companies need to prepare and file financial reports every financial year end with the ASIC.
You need to lodge your financial statements with ASIC, if:
- there are large sums of money involved
- the public has invested in the company, or
- the company exists for charitable purposes only and is not intended to make a profit
- the small proprietary companies controlled by a foreign-entity
- directed by shareholders (5% of votes)
Registered foreign companies may also need to lodge balance sheets, profit and loss statements, cash flow statements and other documents with ASIC.
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- Prepare financial statements in accordance with AASB accounting standards
- Dealing with external auditors
- Lodge annual and half-yearly financial reports with ASIC
- Help you understand your financial reporting obligations
- Inform you about the new accounting standards issued by ASIC
- Communicate how new standards will impact reporting