Case Scenario Hazel Blue Pty Ltd (HBPL) is an innovative research institute based in New South Wales, holding ownership of 30 patents as part of its intellectual property portfolio. The company's financial records indicate total assets amounting to $35 million, total liabilities standing at $15 million, and generating revenue of $60 million. With a board comprising 10 directors and a workforce of 80 employees, no formal requests for a financial report have been received by HBPL from its shareholders or ASIC. Issues: The main issue here is whether HBPL is obligated to prepare a financial report? If so, should the company adhere to Tier 1 or Tier 2 reporting requirements?