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Corporate Compliance

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The Corporations Amendment (Corporate Reporting Reform) Act 2010

As foreshadowed in the July 2010 edition of Accounting & ASIC Compliance, the Corporations Amendment (Corporate Reporting Reform) Bill 2010 was passed by the House of Representatives on 21 June 2010, and passed by the Senate on 24 June 2010 (the last sitting day of the winter session of Federal Parliament).

 

AASB Issues Exposure Draft on Proposed Changes to Presentation of Profit or Loss and Other Comprehensive Income

The International Accounting Standards Board (IASB) recently published ED/2010/5 'Presentation of Items of Other Comprehensive Income: Proposed amendments to IAS 1' (the ED).

August 2010

Wednesday 4

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

Deadline to lodge Australian Prudential Regulation Authority (APRA) forms SRF 100.0 'Statement of Financial Performance', SRF 110.0 'Statement of Financial Position', SRF 110.1 'Selected Disclosure of Directly Held Investments', SRF 110.2 'Derivative Financial Instruments' and SRF 120.0 'Exposure Concentrations' concerning the June quarter with APRA.

Wednesday 11

Consolidated insurance groups

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

Life insurance companies

Deadline to lodge a restricted investments return with APRA (or within six weeks of the end of each half year).

Life insurance companies other than friendly societies

Deadline to lodge statistics in Schedules 1 and 2 of Reporting Standard LRS 901 with APRA (or within six weeks of the end of each half year).

Life insurers

Deadline to lodge with APRA:

  • an asset exposures report and an asset liability profile for the last quarter; and

  • the code of practice and a restricted investments report for the half-year in which they relate.

Tuesday 31

Individuals holding an AFS licence, with 30 June balance date

Deadline to lodge an audited true and fair profit and loss statement and balance sheet on Form FS70 'Australian Financial Services Licensee Profit and loss Statement and Balance Sheet' and an auditor report on the profit and loss statement and balance sheet on Form FS71 'Australian Financial Services Licensee Audit Report' with ASIC (or within two months after the end of financial year, if the approved year ends on a date other than 30 June).

Listed companies with 30 June balance date

Deadline to lodge pro forma (Appendix 4E) preliminary final report with ASX (or two months after the end of balance date if the balance date is not 30 June)

Listed companies and listed registered schemes with 31 December balance date other than a mining exploration entity

Deadline to lodge half-year pro forma (Appendix 4D) and preliminary final report with ASX (or two months after end of half-year if the balance date is not 30 June).

Auditors of trust accounts of Northern Territory legal practitioners

Deadline to prepare the report on a solicitor's trust moneys held and deliver the report in duplicate to the legal practitioner.


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