Date posted: 29/03/2023 2 min read

Business reform: Have your say

Add your view to our submissions in Australia and New Zealand. In Australia, does the insolvency regime still work? In New Zealand, how can the AML/CFT regime be improved?

Insolvency regime – does it still fit how we work today? (AU)

A Joint Parliamentary Committee is investigating if the corporate insolvency framework in Australia is effective in protecting and maximising value for the benefit of all parties.

We appeared before the Committee on February 28th to share your experiences and demonstrate the real-world impact of the corporate insolvency framework.

We then attended the Attorney Generals’ roundtable on bankruptcy and reiterated the recommendations made in our submission.

With further consultations expected in the near term, we would value hearing your experiences when working with clients in financial stress:

  • What do you find the most useful when starting a conversation on insolvency?
  • How do you keep clients engaged in the process?
  • What are the pain points?

Small business restructuring – does it work? (AU)

ASIC recently published statistics indicating that the small business restructuring process results in better returns to creditors and saves businesses.

We are keen to learn if you have used this process and how it went. If you have not, what are your main concerns?

Proposed changes to AML/CTF Act regulations (NZ)

We need your feedback by 10 April 2023.

The Ministry of Justice is seeking feedback on proposed changes to the AML/CFT regulations.

While the legislative and policy parameters are set, the Exposure Draft is focused on whether the proposed amendments are clear, achieve their purpose and will not create unintended consequences.

We would value your feedback on the proposed regulations.

Climate related financial disclosures are on the way – are you ready? (AU & INT)

At its March 2023 meeting, the International Accounting Standards Board (IASB) started a project to explore whether and how companies’ financial statements can provide better information about climate-related risks. The project complements the work of the International Sustainability Standards Board (ISSB) and illustrates how the work of the two boards is connected. It is expected that the initial IFRS Sustainability Disclosure Standards, S1 - General Requirements for Disclosure of Sustainability-related Financial Information and S2 – climate related disclosures will be issued at the end of Q2 2023 with an agreed upon effective date starting January 2024.

In Australia, Treasury recently consulted on key considerations for the design and implementation of a climate-related financial disclosure framework. CA ANZ jointly responded to the Australian consultation with other peak bodies as well as through the Australian Public Policy Committee.