In a joint submission CA ANZ and CPA Australia have supported the proposals to align the requirements for corporations reporting under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) with those of the Australian Charities and Not-for-profits Commission (ACNC). This alignment is a step towards removing the range of inconsistent state and national reporting requirements which currently poses a considerable challenge to the not-for-profit (NFP) sector. In particular the submission supports proposals to align the size thresholds with those recently enacted for the ACNC, reduce the related threshold tests to a single measure of “consolidated revenue” and permit medium corporations to have either a review or an audit.
However, the submission expressed concern that the proposals as drafted require all NFP corporations to prepare and lodge general purpose financial reports (GPFR). This is a more onerous requirement than that of the ACNC and does not recognise the work being done by the AASB to produce a Tier 3 GPFR for NFPs which is likely to provide a better reporting alternative for smaller ATSI Corporations. Therefore, we recommended that the proposals be amended to align with the ACNC and still permit special purpose reports for NFP corporations that are not reporting entities until such time as the AASB Tier 3 reporting project is complete.
The CATSI Regulations consultation is implementing a range of recommendations from a review of the CATSI Act completed in 2020, however the CA ANZ / CPA submission focuses only on the reforms impacting reporting requirements.
CATSI Regulations amendments
Exposure Draft of the schedule of amendments to the CATSI Regulations 2017.Read more