Under the Australian Securities Investment Commission (ASIC) section 292 of the Corporations Act of 2001 (the act), it is required that companies lodge financial reports within three months after the end of their fiscal year. Do not make the assumption that your company is exempt either foreign or domestic to Australia.
If your company has a significant amount of money from operations, you are a publicly traded company that the general public has invested in, and even if your company is a charitable company not intended to make a profit, you are require to register a report.
Section 296 of the act requires that the reports meet the International Financial Reporting Standards which Australia adopted in 2005. We will assume for this report that you as a company are going to comply with the requirements and just need to know the requirements.
We have them listed for you below:
- Form 388 copy of Financial Statements and Reports
- Statement of Financial Position current as of the end of the year
- Statement of comprehensive income for the end of the year
- Statement of Cash flows for the entire year
- Statement of changes in equity positions
- Consolidated Financial Statements, including parent corporation
- Notes to financial statements
- Directors Declaration that the statements are true and fair and comply with accounting standards
- Directors report including auditors independence statements.
- Auditors report
All of the forms listed about will be needed if the consolidated reports are not required by accounting standards. These are the ASIC reporting requirements for private companies and also the statutory reporting requirements for business both foreign or domestic. There are some exceptions to these necessities; working with a professional accounting firm such as ours would be prudent to help you ensure you get the right reports.
How do I file the Reports?
To file your reports a company will have to request access first through the company officeholder, registered agent and auditor portals on the ASIC website. Alternatively, you can lodge through the Standard Business Reporting System (SBR) if your company’s accounting and reporting application software is SBR enabled.
Ensuring the accuracy of your record keeping and report submission requirements is not only mandatory; it is beneficial for you as a business owner so that you know your company’s performance for the year.
Sometimes being distracted by the reporting requirements deters your business from focusing on its core values, and core profit activities. To make matters worse, if the reports are wrong, inaccurate or just plain false, it will be very detrimental to your business. You will need the help of outside professionals to get it right the first time.
Partnering with a professional accounting firm such as Femia Accountants is not only feasible, but we will work with you to make sure your business remains reporting compliant, along with strategies to help your business towards growth with efficiency.
Contact our office today on 9316 4500 or book a time to meet with us.