Chartered Accountants Australia and New Zealand (CA ANZ) welcomes the opportunity for public consultation on draft regulations, released last Friday, to reduce the financial reporting burden for Australian proprietary companies.
Simon Grant, CA ANZ Group Executive Advocacy & Professional Standing said the reform is a significant step in the right direction for financial reporting in Australia.
"We need a simple, clear financial reporting framework that would benefit businesses and the accounting profession," said Grant.
"We are very supportive of the collaborative approach to achieve this for both the for-profit and not-for-profit sectors."
"Our recent submission to the Australian Accounting Standards Board highlighted a number of concerns with current reform proposals, particularly the need for Treasury to be involved in reviewing financial reporting lodgement thresholds for effective reform to be achieved.
"Alongside CPA Australia, we recently wrote to Treasury calling for a comprehensive review of financial reporting thresholds, so we are pleased that Treasury has responded with the draft regulation echoing our call to increase the threshold."
This consultation comes at a time where the Australian Accounting Standards Board is also currently reviewing the role of the 'reporting entity concept' and 'special purpose reporting'.
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Australian financial reporting framework reform
Our submission to the Australian Accounting Standards Board and our efforts to drive Australian financial reporting framework reform.Find out more