Accountancy in Australia

>> Audit Requirements in Australia

The standard financial reporting year end is 1 July through to 30 June, although this can be amended to align with that of the parent entity. The level of financial reporting is dependent upon the type and size of the entity involved.

Large private and public companies

These entities must prepare their financial statements in accordance with Australian Equivalents to International Reporting Standards. These financial statements must be audited and published with the Australian Securities and Investments Commission (ASIC). Upon lodgement  of the audited financial statements  with ASIC the company’s results will  be available to the public.

Small private companies

These entities do not have any specific reporting framework that they must adhere to and as such may publish their results in any format. These financial statements are not required to be audited unless specifically stipulated in their constitution or the members request that they be audited. The financial statements are not required to be lodged with ASIC and they are also not made available to the public.

Subsidiaries of foreign companies

Where 10% or more of a company’s shareholders are non-residents, the company will be required to prepare their financial statements in accordance with Australian Equivalents to International Reporting Standards. Unless relief is sought from the Australian Securities and Investments Commission (ASIC) these financial statements must be audited.

Sole traders, partnerships and trusts

These entities do not have any regulatory reporting requirements and can publish their results in any format.  These financial statements are not required to be audited unless specifically stipulated in their agreements or deeds.


Latest version updated 31st October 2017

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