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Australian public companies, and large and small proprietary companies can be controlled by foreign companies and individuals. These public companies and large and small proprietary companies are still regulated by the Corporations Act 2001 and its financial reporting requirements.

A small proprietary company controlled for all or part of the year by a foreign company is only required to prepare a financial report and directors’ report if it is not consolidated in the financial statements lodged with ASIC by:

bullet a registered foreign company; or
bullet a company, registered scheme or disclosing entity

Financial Reporting

To determine the financial reporting requirements of foreign and foreign controlled companies, preparers should refer to a number of sources including:
bullet ASIC Class Orders
bullet Corporations Act 2001
bullet Accounting Standards
bullet Australian Accounting Interpretations


Andrew Howard

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