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Briefly explain if felix be classified as disclosing entity

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Reference no: EM133092286

Question - Felix Limited is a registered Australian listed public company and as such is required by the Corporations Act 2001 (Section 292) to prepare a financial report for each financial year that complies with Australian Accounting Standards (Section 296).

The financial statements prepared by Felix Ltd are general purpose financial statements because Felix Ltd is a reporting entity as defined in SAC 1 Definition of the Reporting Entity. The following is an extract from the trial balance prepared by Felix Limited's accounting staff for the year ended 30 June 2021.

Briefly explain if Felix would be classified as a disclosing entity.

Reference no: EM133092286

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