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ASIC Form 388 – Have you forgotten it?

Posted on August 27th, 2015 by Sophie Gerber in AFSL Compliance

As AFSL holders think about their annual audit and ensuring financial reports are lodged on time, it’s important to consider whether your company falls within ASIC’s list of company types which are required to submit a Form 388 along with the FS70 and FS71. This form is required to be submitted by 30 October of each year.

 

Entities which are required to submit a Form 388, include:

  • Public companies;
  • Large Proprietary companies which are not disclosing entities;
  • Small-Proprietary Foreign controlled companies;
  • Registered Schemes; and
  • Trusts

Large proprietary companies are defined as large for a financial year if at least two of the statements below are true:

  • The consolidated revenue for the financial year of the company and any entities it controls is $25 million or more;
  • The value of the consolidated gross assets at the end of financial year of the company and it’s controlled entities is $12.5 million;
  • The company and its controlled entities have 50 or more employees.

Form 388 collects the following information:

  • Financial Information;
  • Auditor Report Information; and
  • Details of the entity’s current auditor.

If you are required to submit Form 388, ensure your auditor is aware of this obligation in order to submit on or before 30 October. Forms submitted out time will incur hefty late fees.

 

Further Information

Sophie Grace Pty Ltd can assist you to prepare and submit the ASIC Form 388. Please feel free to contact us should you require assistance.

ASIC’s Form 388 can be lodged online and can found at – http://asic.gov.au/regulatory-resources/forms/forms-folder/388-copy-of-financial-statements-and-reports/

Sarah Murray

Sarah works with the Compliance Team with a particular focus on compliance and legal services. Sarah also works with the Legal Team providing ongoing assistance in drafting and reviewing documentation as well as legal research. Sarah assists clients with AFSL and ACL applications, variations and also assists in the implementation of compliance reviews. She provides ongoing compliance support in the form of compliance program implementation and reviews.