Plans to reduce the financial reporting burden for Australian proprietary companies.November 27, 2018

Dated: 27 November  2018
Title: plans to reduce the financial reporting burden for Australian proprietary companies.

A recent Treasury announcement is inviting public consultation on draft regulations, released last Friday, to reduce the financial reporting burden for Australian proprietary companies.

Simon Grant, CA ANZ Group Executive Advocacy & Professional Standing said the reform is a significant step in the right direction for financial reporting in Australia. “We need a simple, clear financial reporting framework that would benefit businesses and the accounting profession,” said Grant. “We are very supportive of the collaborative approach to achieve this for both the for-profit and not-for-profit sectors.”

This consultation comes at a time when the Australian Accounting Standards Board is also currently reviewing the role of the ‘reporting entity concept’ and ‘special purpose reporting’.

Please review the attached

Regards

Jeff Broun FCA MAICD
Managing Director

M: 041 993 4623
E: jeff@privatecompanyplatform.com

Click here for the attached report

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