In establishing external reporting requirements,the Corporations Act distinguishes between:
A) large and small proprietary companies
B) service and non-service entities
C) legal and non-legal entities
D) reporting and non-reporting entities

Question

Quizplus · Accepted Answer

The Corporations Act distinguishes between large and small proprietary companies in establishing external reporting requirements. Large proprietary companies are defined as those that meet at least two of the following criteria: consolidated revenue of AUD 25 million or more; consolidated gross assets of AUD 12.5 million or more; 50 or more employees. Small proprietary companies do not need to prepare and lodge financial statements with ASIC.

In Establishing External Reporting Requirements,the Corporations Act Distinguishes Between