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Explain whether Pascua Pty Ltd is Reporting Entity

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Reference no: EM132609382

Question - Pascua Pty Ltd manufactures novelty face masks in Melbourne, featuring Marvel Comics superheros.

Pascua Pty Ltd has 25 shareholders, all of whom are related to one another as members of the extended Pascua family. Five of the shareholders are directors of Pascua Ltd, and work as full-time managers for Pascua Ltd. Pascua Pty Ltd has 32 part-time, casual employees, who typically work for Pascua Pty Ltd only for a short period of time.

Pascua Pty Ltd obtains the linen used to manufacture its face masks from Superheros Linen Ltd, which is the only linen supplier in Australia licenced by Marvel Comics to use images of Marvel Comics superheros.

Pascua Pty Ltd had total assets of $34 million at 30 June 2020. Pascua Pty Ltd's only liability is a bank loan of $20 million owed to East Melbourne Bank. During the 2019-2020 financial year, Pascua Ltd earned total revenue of $57 million.

Required -

a) Explain whether Pascua Pty Ltd is Reporting Entity, according to AASB1057: Application of Australian Accounting Standards.

b) Explain whether Pascua Pty Ltd is a large or small proprietary company under the Corporations Act

c) Advise Pascua Pty Ltd whether it is required to prepare General Purpose Financial Statements in compliance with AASB standards, and/or Special Purpose Financial Statements.

Reference no: EM132609382

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