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NSW Fair Trading has released a discussion paper on Financial Reporting Obligations for Small Co-operatives. The closing date for submissions is the 7 December 2011. Any proposals in the discussion paper do not represent an approved position or proposal by any government. The paper provides a means of conducting discussion in order to inform future policy direction and aid drafting of national regulations within an ongoing consultation process.
The Co-operatives National Law which is expected to be adopted by State and territory governments in 2012. The Co-operatives National Law will be supported by national regulations as part of a scheme to achieve uniformity. A major change is that there will be a relaxation of financial reporting and audit requirements for small co-operatives to recognise the lower risk associated with these entities. The definition of a smal co-operative and the nature of any reduced reporting or audit requirements will be the subject of National regulations to support the Co-operatives National Law.
At 8:30 p.m on 29 December ABC1 showed the first of four programs on the People's Supermarket in the UK. The programs were first broadcast on Channel 4 in the UK in early 2011. The People's Supermarket was established in May 2010. Is the People's Supermarket a food co-operative or is it something else?
On behalf of all States and Territories, on 8 November 2011 NSW Fair Trading invited submissions on reporting requirements for small co-operatives. Submissions closed on the 7 December 2011. Seven submissions were received from - NSW Department of Education and training, the Co-operative Federation of Victoria Ltd, the Australian Accounting Standards Board, Co-operatives WA, Mark Snell and the Sydney Live Steam Locomotive Society Co-operative Ltd.