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July 2010



    Corporations Amendment (Corporate Reporting Reform) Act 2010

    On 28 June 2010, the Corporations Amendment (Corporate Reporting Reform) Act 2010 received Royal Assent.  As a consequence, some significant statutory changes have been made that will affect areas such as financial reporting as at 30 June 2010 and the ability to pay dividends. The Corporations Amendment Regulations 2010 (No. 6) were also enacted on 29 June 2010 which impact the disclosures in consolidated financial reports.
    The purpose of the reforms was to reduce red-tape, improve accountability and transparency of disclosures and refine the reporting framework.  An outline of the amendments and their effective date are included below

    AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements and AASB 1053 Application of Tiers of Australian Accounting Standards

    AASB 1053 and AASB 2010-2

    On 30 June 2010, accounting standards AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendment to Australian Accounting Standards arising from Reduced Disclosure Requirements were released and introduce the first stage of the revised differential reporting framework.

    Looking for model financial accounts on the Reduced Disclosure Requirements and Corporate Reporting Reform?

    The Moore Stephens Technical Accounting Services Team has been hard at work on a new publication so that XYZ subscribers can access these latest financial reporting developments for financial reporting at 30 June 2010.



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