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Definition of the reporting entity

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Beta Chemicals Pty Ltd is a proprietary company with five shareholders, each of whom is involved in its day to day operations Beta is a pool chemical producer and distributor, but it also has some investments in other industries. Beta dominates the pool chemical sector in Victoria and New South Wales and is expanding its operations into other states as its resources permit. The company employs 100 people and has sales of $30 million. It only majors creditor is a syndicate of banks to whom it owns $2 million

Question 1: Is Beta a reporting entity in accordance with the provision of SAC 1 "Definition of the Reporting Entity"?

Reference no: EM132606656

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