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.
Issued 25 March 2022
This guide provides guidance on application of the reporting entity test and the reporting obligations for non-reporting entities.
In particular, ASIC believes that non-reporting entities, which are required to prepare financial reports in accordance with Ch 2M of the Corporations Act 2001 , should comply with the recognition and measurement requirements of accounting standards.
This guide also discusses:
the obligations of directors and auditors to carefully consider whether an entity should be classified as a reporting entity or a nonreporting entity, and
when consolidated financial reports must be prepared.
Download RG 85 (PDF 365 KB)