Changes to Corporations Legislation

Treasury has released a draft Corporations Legislation Amendment Regulation 2013 with explanatory material for a variety of changes to the Corporations Regulations and other regulations.

The major changes are to;

  • change references to the National Institute of Accountants to the Institute of Public Accountants in a number of Commonwealth regulations;
  • insert various remuneration disclosure requirements regarding related party transactions into the Corporations Regulations (ie in relation to Key management personnel), following the removal of these requirements from the relevant accounting standards; and
  • remove references to the Financial Reporting Panel from the Corporations Regulations following it’s closure.

Submissions concerning the changes close on 10 May.

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