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Corporate Compliance

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New Standards on Consolidation, Joint Arrangements and Related Disclosures

The Australian Accounting Standards Board (AASB) has now issued six new Accounting Standards dealing with the accounting and disclosure requirements relating to consolidation and consolidated financial statements, joint arrangements, associates and joint ventures.

AASB Issues New Standard on Disclosure of Interests in Other Entities

As stated in the July 2011 issue of Accounting & ASIC Compliance, the International Accounting Standards Board (IASB) has issued IFRS 12 "Disclosure of Interests in Other Entities". The Australian Accounting Standards Board (AASB) has also now issued Australian Accounting Standard AASB 12 "Disclosure of Interests in Other Entities". IFRS 12 and AASB 12 require extensive new disclosures relating to an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities.

AASB Issues New Standards Arising from the Trans-Tasman Convergence Project

The Australian Accounting Standards Board (AASB) has issued the following new and amending Standards

November 2011

Tuesday 1

Aged care providers

Deadline to lodge a notice with the Secretary of the Department of Health and Ageing (or their delegate) advising that the aged care provider complied with the financial reporting criterion for the financial year. An aged care provider must prepare an audited true and fair general purpose financial report that complies with accounting standards as if it is a reporting entity.

Wednesday 2

Listed companies with 30 June balance date

Deadline for dispatch of notice of annual general meeting (which may now be given by electronic means nominated by the member), which must state that the resolution on remuneration report will be put at the AGM.

Monday 7

APRA-regulated superannuation entities other than small APRA funds or single-member approved deposit funds, with total assets of more than or equal to $50m.

Deadline to lodge with the Australian Prudential Regulation Authority (APRA) the following forms concerning the September quarter:
SRF 100.0 "Statement of Financial Performance";
SRF 110.0 "Statement of Financial Position";
SRF 110.1 "Selected Disclosure of Directly Held Investments (Version A)";
SRF 110.2 "Directive Financial Instruments"; and
SRF 120.0 "Exposure Concentrations".

Friday 11

Life insurers

Deadline to lodge with APRA an asset exposures report and an asset-liability profile for the last quarter.

General insurers

Deadline to lodge with APRA quarterly forms containing information based on the financial year to date of the insurer.

Wednesday 30

Public companies with 30 June balance date

Deadline for holding annual general meeting.

Listed entities with 30 June balance date

Deadline to have copies of the questions submitted by the members to the auditors reasonably available to the members attending the AGM
(or at or before the start of the annual general meeting).

Associations incorporated in South Australia or ACT with a 30 June balance date

Deadline for issuing the financial report and having it laid before the members of the association at the annual general meeting which must be held by this date.

Operators of retirement villages in Queensland

Deadline to lodge with the Chief Executive audited financial statements of the retirement village, including the capital replacement fund and maintenance reserve fund.

Auditors of trust accounts of Victoria legal practitioners

Deadline for receipt from the practitioner of the Legal Services Board Form Trust 2 "Record of controlled money movements; other than by EFT" for the audit year ended 31 October 2011.

 

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