Report on Aspects of the Regulation of Proprietary Companies

Note: This page contains links to PDF files. For more information, see the web page on Accessing files.

Report on Aspects of the Regulation of Proprietary Companies

March 2001

© Commonwealth of Australia 2001
ISBN 0 642 711097

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)

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

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

Phone: +61 2 6277 3583
Fax: +61 2 6277 5719