The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has welcomed the final approval of Regulations to accompany legislation passed by Parliament last week to reduce red-tape on business.
The Regulations were approved by the Executive Council today and support the Corporate Reporting Reform Act 2010, which contains a range of measures to reduce the regulatory burden on business and improve Australia's corporate reporting framework.
The Regulations will reduce the regulatory burden on business and enhance the current framework by:
- expanding the category of individuals that can conduct a review of a company limited by guarantee, which will reduce the costs of conducting a review and relieve the burden on registered company auditors, particularly during peak periods;
- outlining summary parent-entity financial information, which will significantly simplify the reporting requirements of parent-entities; and
- improving the process of appointing members to the Companies Auditors and Liquidators Disciplinary Board.
The Regulations apply to the current financial year, ending 30 June 2010, allowing companies to immediately benefit from the cost saving measures.
"The package of reforms, contained in the Act and the accompanying Regulations, will deliver much-needed relief from red-tape for Australian companies," Mr Bowen said.
29 June 2010