Just a reminder that from 30 June 2020, the large proprietary thresholds have been doubled.
This means that proprietary companies who meet two out of three of the following criteria will be considered large and therefore required to lodge financial statements:
- Revenue > $50m
- Gross assets > $25m
- Employees > 100
As noted in the AASB Update December 2019, reporting framework section, proprietary companies who are large under these revised thresholds will be required to lodge general purpose financial statements at 30 June 2020.
For further information, please contact your Bentleys Advisor.