Report on Aspects of the Regulation of Proprietary Companies

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Report on Aspects of the Regulation of Proprietary Companies

March 2001

View the report as a single document - (PDF 293KB)

View the report as separate downloadable parts:


Membership and Duties of the Committee	(PDF 106KB)

Chapter 1 - Scope and purpose of the Inquiry	(PDF 129KB)
Background Previous reports Conduct of the inquiry

Chapter 2 - Operation of the large/small test	(PDF 124KB)
Rationale for new classification Summary of proprietary company accounting requirements 1998 ASIC Report to the Senate Applications for audit relief Public access to accounts lodged with the ASIC

Chapter 3 - Issues arising from the large/small test	(PDF 146KB)
General criticisms Audit costs Benefits of audit requirement Commercial privacy ASIC Class Orders Relief from lodging financial statements - Incat Australia Pty Ltd and D G Brims and Son Pty Ltd Overall compliance Unlevel playing field and compliance with the Accounting Standards Availability of Accounting Standards Alternative reform options

Chapter 4 - Conclusions and recommendations	(PDF 139KB)
General conclusions Inconsistent requirements ASIC’s discretionary powers to grant relief Unlevel playing field and ‘grandfathered’ large proprietary companies Insolvent trading Reform options Audit requirement Recommendations

Labor Senators' and Members' Minority Report	(PDF 114KB)

Appendix 1 - List of submissions	(PDF 72KB)

Appendix 2 - Witnesses at hearings	(PDF 69KB)

For further information, contact:

Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia

Phone: +61 2 6277 3583

Fax: +61 2 6277 5719

Email: corporations.joint@aph.gov.au

Phone:	+61 2 6277 3583
Fax:	+61 2 6277 5719
Email:	corporations.joint@aph.gov.au