ACCT20002 Lecture Notes - Lecture 2: Financial Reporting Council, Corporations Act 2001, Information Asymmetry
7 Sep 2018
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Types of entities: disclosing entity - generally entities listed on a securities exchange, public companies. Can invite the public to subscribe for shares via prospectus. May be listed on the asx: proprietary companies - large or small. Classi ed as large or small based on: Small if it falls below two or more of the thresholds, otherwise large proprietary company. Regulation environment: asic/corporations act (ca) 2001: independent federal govt. body with widespread powers - corporate watchdog", corporations act is administered by asic. The ca (2001) arose under the corporate law economic reform program (clerp) which resulted in establishment of the financial reporting council (frc: ca requires preparation of annual nancial reports for: Exception to the reporting rule (ca 2001 s292: a small proprietary company has to prepare the nancial report and directors" report only if: Shareholders with at least 5% of the vote or.
