Document ID: chunk:federal_register_of_legislation:F2023C00381:reg:8:p28
Version: federal_register_of_legislation:F2023C00381
Segment Type: reg
Provision Reference: reg 8 (pt 28/28)
Character Range: 255750–257770

parent entity need not present consolidated financial statements.
  [30]  Refer paragraph BC57(a).
  [31]  Refer paragraph BC57(d).
  [32]  See https://www.aasb.gov.au/DirectLink.aspx?id=2155
  [33]  Including, for example, certain large proprietary companies that are not required to lodge financial reports with ASIC if they meet certain conditions (exempt proprietary companies).
  [34]  Research Report 12.
  [35]  This research was performed prior to Treasury doubling the thresholds used to determine large proprietary companies. Subsequently the Board noted that Treasury's increasing of the thresholds would reduce the number of large proprietary companies to approximately 4,500.
  [36]  AASB Research Report 11 Review of Special Purpose Financial Statements: Large and Medium Sized Australian Charities (August 2019).
  [37]  ACNC 2017 Annual Information Statement Data, as at 24 July 2019.
  [38]  For-profit public sector entities can elect (voluntarily) to prepare GPFS and apply the revised Conceptual Framework.
  [39]  These companies will be in scope when the direction requires financial statements to be prepared in accordance with AAS or accounting standards.
  [40]  This is subsequent to Treasury increasing the thresholds used for determining what constitutes a large proprietary company.
  [41]  Research Report 12.
  [42]  See, for example, section 2 of RG85.
  [43]  Research Report 12.
  [44]  This is subsequent to Treasury increasing the thresholds used for determining what constitutes a large proprietary company.
  [45]  IFRS for SMEs Standard, Basis for Conclusions, paragraph BC96.
  [46]  3,666 large proprietary companies, 1,252 unlisted public companies not limited by guarantee and 2,377 small foreign-controlled proprietary companies
  [47]  Davern, M., Gyles, N., Potter, B. and Yang, V. (2019), "Implementing AASB 15 revenue from contracts with customers: the preparer perspective", Accounting Research Journal, Vol. 32 No. 1, pp. 50-67. https://doi.org/10.1108/ARJ-03-2018-0055.