Featured Articles
Not for profits dealing with significant governance challenges – new study
- By Moore Stephens
- Published 4/05/2010
- Media releases
- Unrated
A new study released in Melbourne today highlights a number of
significant corporate governance challenges facing the Not for Profit
(NFP) sector.
The study, conducted jointly by corporate governance experts, Enterprise Care, and Moore Stephens, found that for many of the 600,000 organisations in Australia’s $60 billion NFP sector, corporate governance is a significant concern.
The study, conducted jointly by corporate governance experts, Enterprise Care, and Moore Stephens, found that for many of the 600,000 organisations in Australia’s $60 billion NFP sector, corporate governance is a significant concern.
Recent Additions
A Double Dip Recession and why Quantitative Easing won’t work
- By Martin Fowler
- Published 1/09/2010
- Media releases
- Unrated
In our Economic & Market Outlook dated 5 July 2010, we noted that
leading indicators had begun to deteriorate sharply in the United
States, the implication being that the US economy may well be heading
back into recession. As the US is still the world’s largest economy, it
remains of global importance. Economic data released since the end of
June has only added to our concerns and we would have to say, failing
any further stimulus, that the odds of a US recession have increased
significantly.
June 2010 disclosures – Application of future standards
- By Rob Mackay
- Published 1/09/2010
- August 2010
- Unrated
AASB 108: ‘Accounting Policies, Changes in Accounting Estimates and
errors applies to financial statements required to be prepared in
accordance with the Corporations Act as well as financial statements
prepared as general purpose financial reports.
Paragraph 30 of the standard requires disclosure of Australian accounting standards that have been issued but which are not yet effective as well as known, or reasonably estimable information, relevant to assessing the possible impact that application of the new standard will have on the entity’s financial report in the period of initial application. Some suggested disclosures are available for consideration at paragraph 31 of AASB 108 which may assist with an entity’s compliance.
Paragraph 30 of the standard requires disclosure of Australian accounting standards that have been issued but which are not yet effective as well as known, or reasonably estimable information, relevant to assessing the possible impact that application of the new standard will have on the entity’s financial report in the period of initial application. Some suggested disclosures are available for consideration at paragraph 31 of AASB 108 which may assist with an entity’s compliance.
NSW Inc Associations – Legislation updated
- By Rob Mackay
- Published 1/09/2010
- August 2010
- Unrated
The New South Wales Associations Incorporation Act 2009 (the Act) and
Associations Incorporation Regulation 2010 commenced from 1 July 2010,
and the associated reforms are expected to assist more than 35,000
associations incorporated in New South Wales to operate more effectively
and to make it easier for them to manage their affairs. It is not
expected that the day–to–day procedures and operations of associations
will be directly impacted. The key financial reporting changes introduce
a tiered financial reporting framework.
Resignation of Auditor – Small Public Company Limited by Guarantee
- By Rob Mackay
- Published 1/09/2010
- August 2010
- Unrated
As
a result of the recent Corporations Act reforms, small public companies
limited by guarantee are generally no longer required by the
Corporations Act to have an annual audit since they have been exempted
from financial reporting obligations.
A small public company limited by guarantee is one which has annual revenue (consolidated where applicable) of less than $250,000 and which does not have deductible gift recipient status.
Before taking advantage of this financial reporting relief, these entities should check to see whether a financial report and/or audit continue to be applicable pursuant to the entity’s constitution or other contractual provisions with third parties that maybe in place, such as borrowing provisions.
A small public company limited by guarantee is one which has annual revenue (consolidated where applicable) of less than $250,000 and which does not have deductible gift recipient status.
Before taking advantage of this financial reporting relief, these entities should check to see whether a financial report and/or audit continue to be applicable pursuant to the entity’s constitution or other contractual provisions with third parties that maybe in place, such as borrowing provisions.
ASIC Class Order 10/654
- By Rob Mackay
- Published 1/09/2010
- August 2010
- Unrated
On 29 July 2010 the Australian Securities and
Investments Commission (“ASIC”) issued Class Order CO 10/654 “Inclusion
of parent entity financial statements in financial reports”.
With the recent amendments made to Chapter 2M of the Corporations Act, the revised legislation prevented entities presenting consolidated financial statements from including parent entity financial statements in their financial report.
The class order overcomes this unintended consequence allowing entities to include parent and consolidated entity financial statements in their financial report.
Some entities may therefore elect not to take advantage of the financial reporting reform that allows entities to omit parent entity financial statements.
With the recent amendments made to Chapter 2M of the Corporations Act, the revised legislation prevented entities presenting consolidated financial statements from including parent entity financial statements in their financial report.
The class order overcomes this unintended consequence allowing entities to include parent and consolidated entity financial statements in their financial report.
Some entities may therefore elect not to take advantage of the financial reporting reform that allows entities to omit parent entity financial statements.
The Government announces sweeping reform to Australian Shipping Policy to make the industry more competetive including change to taxation, training, and wages policy.
- By Stephen Adrian
- Published 18/08/2010
- Shipping Matters
- Unrated
The Government today announced sweeping changes to Australian shipping policy designed to stimulate Australian shipping
GlaxoSmithKline Inc v The Queen
- By Daren Yeoh
- Published 11/08/2010
- Transfer Pricing Insights
- Unrated
On 26 July 2010, the Canadian Court of Appeal (the “Appeals Court”) handed down its decision in the case of GlaxoSmithKline Inc v The Queen. The Appeals Court reversed the decision handed down by the Tax Court of Canada (the “Tax Court”) in 2008.
Tax-exempt Bodies Providing Entertainment to employees and non-employees
- By Moore Stephens
- Published 9/08/2010
- Moore Tax News
- Unrated
The Fringe Benefits Tax (FBT) and Goods and Services Tax (GST) legislation outline specific rules for tax-exempt bodies that provide entertainment to employees. To ensure any FBT or GST liabilities reported to the Australian Taxation Office have not been understated, it is important tax-exempt bodies comply with these rules.
Moore Stephens Technology Australia Named to 2010 President’s Club for Microsoft Dynamics
- By Garry Childs
- Published 2/08/2010
- Media releases
- Unrated
SYDNEY, NSW — 2 AUGUST, 2010 Moore Stephens Technology Australia (MSTA), a leading provider of software and professional services, has been named to the 2010 President’s Club for Microsoft Dynamics. This achievement is a direct result of MSTA’s outstanding dedication to customer satisfaction through the delivery of innovative business solutions.
Politics and Investments
- By Moore Stephens
- Published 30/07/2010
- Investment Insights
- Unrated
As most people anticipated Prime Minister Julia Gillard called an
election for August 21 with the weeks leading up to it being a battle
between the major parties, both of whom will yell from the rooftops
their perceived economic credentials. Labor will boast of the good
management throughout the Global Financial Crisis, while the Liberals’ will assert that in their last term they paid off Government debt and
fostered lower interest rates. Irrespective of which party you may
follow during the course of this election campaign, investment markets
have in most circumstances taken a neutral approach.