Date posted: 25/11/2020

Joint submission on Aged Care Royal Commission final recommendations

CA ANZ and CPA urge recognition of the work of the AASB in developing appropriate financial reporting requirements for Aged Care

CA ANZ and CPA Australia have lodged a submission supporting recommendations that will require a proposed new Aged Care Regulator to develop and impose develop and impose financial reporting requirements that will support effective oversight of the sector.

In doing so we have urged recognition of Australian Accounting Standards, issued by the Australian Accounting Standards Board (AASB), as the basis for these financial reporting requirements. These standards are already part of existing reporting requirements in the sector,and the AASB is currently engaged, with our support, in a major project to ensure that they continue to effectively support reporting requirements that any state or national regulator may wish to impose. Its planned revised reporting framework will enable fit-for-purpose general purpose financial reporting by both the for-profit and not-for-profit sectors.