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Governance
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Friday, 17 December 2010 15:42 |
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Seven former directors of James Hardie are now free to sit on Australian company boards, after they won an appeal against their bans from company directorship and fines.
Today's decision relates to a judgement in 2009, in which Justice Ian Gzell found that ten former executives and directors of James Hardie breached their duty of care after approving a media release relating to claims for asbestos victims.
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Regulation and Compliance
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Wednesday, 18 August 2010 16:04 |
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The new Associations Incorporation Act 2009 and Associations Incorporation Regulation 2010 commenced on 1 July 2010.
The reforms will help more than 35,000 associations across the state operate more effectively and make it easier to manage their affairs.
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Law
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Saturday, 25 April 2009 00:00 |
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An important argument in the trial in Australian Securities and Investments
Commission v Macdonald (No 11)[2009] NSWSC 287 was the
evidentiary value of the minutes of a key board meeting.
The minutes of the meeting of the board of James Hardie at the 15 February
2001 Meeting which referred to approval of the ASX announcement at the
centre of the case were signed as a correct record by the chairman at the
next meeting of the board on 4 April 2001.
ASIC argued that the minutes had the benefit of a statutory presumption in
s 251A(6) of the Corporations Law that the minutes were proof of their
contents unless the defendants proved to the contrary.
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General
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Wednesday, 01 July 2009 00:00 |
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Demand for community services leapt by almost 20% between 2006‐07 and 2007‐08, according to the latest survey from the Australian Council of Social Services (ACOSS). The 2009 Australian Community Sector Survey drew on responses from more than 550 not‐for‐profit and community sector agencies from around Australia. The survey concentrated on groups’ activities during the 2007‐08 financial year, and showed they were under more pressure to help more people than ever before.
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Regulation and Compliance
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Monday, 26 July 2010 11:27 |
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Recent changes may affect your company's financial reporting obligations with ASIC.
The changes, commencing on 28 June 2010, were introduced by the Federal Government with the aim of reducing financial reporting requirements for Australian companies. These reforms also change what is required in financial reports lodged with ASIC for the financial year ending 30 June 2010 and following financial years.
The key changes around financial reporting are:
- introducing a three-tiered reporting framework that will reduce the reporting requirements for certain companies limited by guarantee, which typically have a not-for-profit purpose
- improving disclosure of non-financial information in the directors' report of companies limited by guarantee
- replacing the requirement for parent entity financial statements with reduced disclosure
- introducing a new statement of compliance with International Financial Reporting Standards in the directors' declaration
- making new provisions for changing year-end dates.
Other changes to the regulatory framework include, but are not limited to:
- replacing the profits test for paying dividends with a new test based on net assets; and
- clarifying the circumstances in which a company can cancel its share capital.
For full details see the Revised Explanatory Memorandum on the Parliament of Australia's website. |
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Tax
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Friday, 05 February 2010 00:00 |
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The ATO have developed a new initiative to help non-profit organisations understand their tax obligations and entitlement to tax concessions.
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News
