Corporate governance

Report to CEO

Details of the statutory reporting requirements for a medium sized company, including the timetabling and scheduling of reports and lodgements;

If the estimation of the unit is not reporting then the unit should select to formulate and observe at minimum a distinctive determination financial reports which has the following:

AASB 101 Exhibitions of Financial Reports

AASB 107 Cash Flow Reports

AASB 108 Accounting Strategies and Errors as well as variations in Accounting Estimations

AASB 1048 Use of Principles as well as Explanation

The requirement to prepare an annual financial report depends on the following criteria

Request by:

Shareholders holding >5% of shares

ASIC

The company is controlled by a foreign company (some exceptions apply)

The company is a disclosing entity

Type of financial report

Special determination must include the followings:

The balance sheet, the expenditure and the fulfilling with the Associations Incorporations Act in an applicable form

The report is for special drive so it has to be exposed

The main purpose of the report which was made is to gratify the fiscal recording requirements of the Associations Incorporations Act of the appropriate state

To which extent the Australian Accounting Standards as well as the additional obligatory specialized recording requirements have or have not been implemented while preparing and presenting the financial report

Reporting requirements and lodgement timing with ASIC, reporting to members (annual report only)

By the later of:

4 months of year-end, or

2 months after request is given

Details of the relevant regulatory authorities which oversee corporate governance activities;

The two major bodies which oversee the corporate governance regulation across Australia are Australian Securities and Investment Committee and Australian Prudential Regulation Authority. Both the organisations are collectively responsible for the Corporate Governance regulation and implementation of best practices. The Australian Prudential Regulation Authority is charged with regulating the concerns of depository institutions. These may include banks, building societies, credit unions and some other financial institutions. The body was established through the Australian Prudential Regulatory Act 1998. Australian Securities and Investment Committee is primarily responsible for regulation of corporate sector in Australia. It is also charged with monitoring and promotion of market integrity and consumer promotion in providing for financial services. The institution was set up under the Australian Securities and Investment Committee Act 2001.

A brief description of major accounting standards which are relevant to the organisation

There are many tactics, through which we could develop standards for SMEs. One of them is the GAAP for SMEs which should be established on a national basis with the IFRS concentrating on secretarial for registered corporation actions. The main source of issue would be the practices established for SMEs which may not always be dependable and may also have required comparability transversely national limitations. Furthermore, if a SME wishes to list its shares in a capital market then the shift to IFRS would be even further challenging. One more approach is to point the exceptions specified to minor individuals in the conventional IFRS. In this situation, an appendix must be included inside the typical describing the exceptions ...