Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Non-compliance with best practice regulation requirements – Australian Accounting Standards Board
The Australian Accounting Standards Board (AASB) issued amendments to the Australian Accounting Standards AASB 1 & 7 on 18 November 2010. These amendments change the disclosure requirements around the transfers of financial assets.
A regulation impact statement was required to inform the decision to change the standards but was not prepared; as such the OBPR has assessed the proposal as being non-compliant with the Australian Government’s best practice regulation requirements. A post-implementation review is to be prepared one to two years from implementation of this decision.
Businesses should be aware that this amendment applies for annual reporting periods that begin on or after the 1 July 2011, however businesses may apply the changed rules earlier if they wish to.