Middleborough is a proprietary company operates in South Australia. It has total assets of \($48\) million and total liabilities of \($25\) million. Its revenue for the current year was \($45\) million. It has 76 full-time and 20 part-time employees. Neither ASIC nor shareholders have made a direction for the preparation of a financial report. Provide an advice to the directors whether it is required to prepare a financial report and, if yes, whether the financial report need to comply with all the reporting requirements of the Australian Accounting Standards.