Explanatory MemorandumCirculated By the Authority of the Minister for Financial Services, Superannuation, Corporate Law and Human Services, the Hon Chris Bowen
General outline and financial impact
A robust financial reporting framework is an essential component of an efficient market. The Corporations Amendment (Corporate Reporting Reform) Bill 2010 will improve Australia's corporate reporting framework by reducing unnecessary red-tape and regulatory burden on companies, improving disclosure requirements and implementing a number of other important refinements to the corporate regulatory framework.
Date of effect: The Act commences on the day it receives the Royal Assent.
Summary of regulation impact statement
Regulation impact on business
Impact: A draft Regulation Impact Statement (RIS) has been prepared in accordance with the Government's best practice regulation requirements. The draft RIS has been released publicly as part of the consultation process.