Proposed Corporations Act changes to ease reporting requirements
The National Institute of Accountants (NIA) has called on accountants and business leaders to respond to proposed amendments to the Corporations Act aimed at cutting red tape.
The proposed amendments are aimed at easing reporting requirements for smaller public companies, such as clubs and associations, and the deadline for comment is February 3, 2010.
Key changes that have been proposed include introducing a three-tiered differential reporting framework, streamlining parent-entity reporting, allowing an easier change to year-end date to avoid peak periods and improving disclosure of non-financial information in the directors’ report.
The proposed framework took into consideration concerns from a wide range of stakeholders to provide more reporting flexibility to companies, NIA chief executive officer Andrew Conway said.
“The proposed changes will particularly affect many of the accountants who provide services to smaller companies and we are supportive of any measures that cut red tape and ease compliance,” Conway said.
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