entities with users who are dependent upon general purpose financial reports for information are required to prepare those reports. Aspects of an entity which do not inform its reporting requirements are its sector, its purpose, and its composition. Companies that have a significant number of creditors and employees should be considered reporting entities as it is reasonable that their users depend on general purpose financial reports for information used to inform decision making and resource allocation. If an entity claims to be non-reporting, ASIC will closely examine the entity and may seek justification from directors if it believes that there are users who would depend on financial reports