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Corporate Reporting Reform PDF Print E-mail
Regulation and Compliance
Monday, 26 July 2010 11:27

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.

 
Regulation of the Not-For-Profit (Community) Housing Sector PDF Print E-mail
Regulation and Compliance
Friday, 30 April 2010 16:19

The Minister for Housing has released a Discussion Paper: Regulation and Growth of the Not-For-Profit Housing Sector.

This paper puts forward options for potential reforms of community housing in Australia and to seek input from the not-for-profit sector, investors, tenant groups, Indigenous community housing, developers and the business community into the formulation of clear policy direction to support the growth and sustainability of the community housing sector in Australia.

The paper contains a useful analysis of existing community housing regulation by jurisdiction and proposes 5 options for national regulation of the sector.

Courtesy of Langes
 
Proposed amendments to the ASX Corporate Governance Principles PDF Print E-mail
Governance
Monday, 26 April 2010 00:00

The ASX Corporate Governance Council has published an exposure draft of Proposed Amendments to the ASX Corporate Governance Council Corporate Governance Principles and Recommendations.

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Productivity Commission releases report on not-for-profit sector PDF Print E-mail
Regulation and Compliance
Friday, 12 February 2010 00:00
On 11 February 2010, the Productivity Commission released its final report on the Contribution of the not-for-profit sector.
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COAG adopts Standard Chart of Accounts PDF Print E-mail
Regulation and Compliance
Tuesday, 27 April 2010 00:00

In all the hubbub about the Council of Australian Governments (COAG) signing on to Prime Minister Kevin Rudd’s national health scheme (WA excepted) it would easily have been possible to overlook the paragraph down the end of the press release that said they’d agreed to additional reforms for the not-for-profit sector,

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National Compact Launched PDF Print E-mail
General
Thursday, 18 March 2010 00:00

The government’s National Compact with the Third Sector was launched on March 17 by Prime Minister Kevin Rudd.

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New ATO initiative to help the non-profit sector PDF Print E-mail
Tax
Friday, 05 February 2010 00:00
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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