The Federal Government’s draft reforms to cut red tape and improve corporate reporting, formally announced today, have been welcomed by leading business advisory firm BDO.
BDO director Wayne Basford, an audit technical expert, urged the Government to ensure the Corporate Amendment (Corporate Reporting Reform) Bill 2010 would pass through Parliament and be enacted as soon as possible, to enable these reforms to be available for June 2010.
“We congratulate Minister Chris Bowen for listening to both industry and the accounting profession’s concerns. These proposals will significantly reduce unnecessary red tape,” he said. “BDO has been calling for many of these reforms for a number of years, so we urge the Government to do what it can to ensure they are in place before the end of the current financial year.”
Changes include: the removal of the need to prepare separate holding company accounts, the removal of the need for parent company accounts, proposed differential reporting frameworks for not-for-profit companies and greater flexibility for companies to change their financial year end.