Small Co-operatives Financial Reporting Obligations

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.