Accounting Roundup - April 2015
Staying on top of financial reporting developments
In March 2015, the Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014 was passed by both Houses of the parliament, which amends the Corporations Act 2001 to reduce compliance costs borne by businesses. The Bill received royal assent on 19 March 2015, at which point the law became effective.
Key changes include:
1. Amending the remuneration report application and disclosures by:
- Limiting the requirement to prepare a remuneration report to only listed disclosing entities that are companies
- Removing the requirement to report the value of lapsed options and the percentage value of remuneration consisting of options, and replacing this with a requirement to disclose the number of lapsed options and the year in which the lapsed options were granted.
2. Removing the obligation to hold a general meeting on the request of 100 shareholders
3. Exempting certain companies limited by guarantee from the need to appoint or maintain an auditor.
Deloitte understands how hard it is to keep up with regulatory content, especially in light of the growing push towards global convergence of accounting standards.
Our Accounting Roundup has been specially designed to simplify things. Released on the first business day of each month, it provides a high-level and easy-to-read summary of financial reporting developments. We supply links to publications, alerts, new pronouncements, submissions and other relevant financial reporting information. Each issue also includes highlights of important developments.
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