The Financing Reporting Bill was introduced to Parliament on 31 July 2012 and intends to:
- Reduce reporting obligations for small to medium size enterprises where they currently unnecessary or excessive to minimise compliance costs (for example, by removing the requirement for non-large non-issuer companies to prepare general-purpose financial reports, and instead allow shareholders to decide if financial reports are needed)
- Strengthen the law where the current reporting requirements do not adequately meet users’ needs (for example, by empowering the External Reporting Board to issue financial reporting standards for a range of entities, including registered charities)
- Assist with the interface between the Financial Reporting Act and other Acts.
The Bill is likely to have its first reading in the next few weeks.