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September 2010



To contact the Moore Stephens Technical Accounting Services team call Rob Mackay, Gihan Fernando or Lisa Panetta on (03) 8635 1800 or email:

Rob Mackay
rmackay@moorestephens.com.au

Gihan Fernando
gfernando@moorestephens.com.au

Lisa Panetta
lpanetta@moorestephens.com.au

    Dividends under revised Section 254T– Interpretational dramas and the backdoor mandating of accounting standards

    They were supposed to be part of reforms that lessened the compliance burden on companies, but not only has the revised section 254T caused many interpretational issues for companies and their advisors, they have effectively mandated the recognition and measurement requirements of accounting standards for all companies.

    Did you know there are some entities that cannot eliminate parent entity financial statements under the corporate reporting reforms?

    On 1 September 2010, APRA wrote to all APRA regulated groups (other than Foreign Branches, licensed Registrable Superannuation Entities and Retirement Savings Account providers) requesting that they not take advantage of the parent entity financial statements exemption as recently enacted through the Corporate Reporting Reform Act.  APRA believes that the continued inclusion of parent entity information is important so that they can assess the parent entity’s ability to fulfil its obligations to depositors and policy holders on a standalone basis.

    Streamlined reporting to members of public companies limited by guarantee

    There has been some conjecture as to what the member reporting obligations are for public companies limited by guarantee (excluding small public companies limited by guarantee that are exempt from financial reporting).


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