Southern Steel Group Pty Limited (Southern Steel) has re-lodged its financial report for the year ended 30 June 2023 after ASIC’s inquiries.

Southern Steel is a large proprietary company, required to prepare an audited financial report, but was exempt from lodging it with ASIC under ‘grandfathering’ provisions. Following amendments made by the Treasury Laws Amendment (2022 Measures No. 1) Act 2022, ‘grandfathered’ proprietary companies are now required to lodge their financial reports with ASIC for financial years ending on or after 10 August 2022.

When Southern Steel initially lodged its 30 June 2023 financial report, the financial report failed to include comparatives for the 30 June 2022 financial year which is a requirement of accounting standards.

ASIC raised concerns with Southern Steel that they had failed to comply with the requirements of AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

After these discussions, Southern Steel agreed to re-lodge its 30 June 2023 financial report with comparatives.