Maple Red Pty Ltd is a research institute operates in Queensland. It has developed and owned more than 40 intellectual property. The company’s accounting record shows that it has total assets of \($63\) million, total liabilities of \($39\) million and revenue of \($50\) million. It has 20 directors and 80 employees. The directors of Maple Red Pty Ltd have not received a request for a financial report from the shareholders or ASIC. Is Maple Red Pty Ltd required to prepare a financial report? If so, explain whether Maple Red Pty Ltd should apply Tier 1 or Tier 2 reporting requirements.