Regulatory Alerts2005-07-01 | RG-085RG 85 Reporting requirements for non-reporting entities
The Australian Securities and Investments Commission issued Regulatory Guide 85 to provide guidance on the application of the reporting entity test and obligations for non-reporting entities. The regulator requires non-reporting entities preparing financial reports under Chapter 2M of the Corporations Act 2001 to comply with the recognition and measurement requirements of accounting standards. The guide further outlines the duties of directors and auditors to determine entity classification and specifies when consolidated financial reports must be prepared.
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