Australia
New Director Identification Numbers to tackle illegal phoenixing

By Matthew King on 16/06/21 - Mins to read: 2 minutes

All directors of Australian companies will be required, by 30 November 2022, to obtain a Director Identification Number (DIN), to further tackle illegal phoenixing activities, promote good corporate conduct and increase accountability. It’s also proposed that the introduction of DIN’s for all directors will enable the Government to trace Directors...
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Removal of Special Purpose Financial Statements for certain For-Profit entities

By Muhammad Ayoob on 16/06/21 - Mins to read: 2 minutes

In March 2020, the Australian Accounting Standards Board approved the issue of AASB 2020-2  Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities and AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-profit Tier 2 Entities. This means that for periods beginning on...
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New reporting requirements likely to precipitate a major exodus of AFSL licensees

By Nicholas Benbow on 16/06/21 - Mins to read: 2 minutes

A lot has been made about the impact of the change in Australian company reporting requirements. This is due to the abolition of the self-assessment of whether an entity is a reporting entity or non-reporting entity and its impact in adopting special purpose or general purpose financial statement reporting, particularly...
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