Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 25/11/2011

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

11RU-018 AFSL - Financial Requirements for Responsible Entities 

ASIC released Class Order CO 11/1140 and the revised Regulatory Guide “RG 166 Licensing: Financial requirements” which will take effect 1 November 2012. The changes impact Responsible Entities (“REs”) only.
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Key points

  • ASIC releases revised RG 166 Licensing: Financial requirements - amendments apply to Responsible Entities only
  • Increased Net Tangible Asset deductions combined with potential increased NTA requirements and a new liquidity requirement
  • Extended 12 month cash flow projection and increased governance
  • Effective from 1 November 2012.

 
IFRS Briefing Sheets - International financial reporting updates 

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