Issue Proposed Change Benefit Legislation reference Makes it easier to understand reporting Brings tiers for financial requirements reporting from regulations into the Act and makes No change to revenue Financial accounts annual revenue the sole amounts: New criteria for determining a Small – less than small, medium or large $400,000 association Medium – less than $1m Large – over $1m Organisations can apply Enables associations to for an exemption for One-off changes in plan with certainty New oneoff changes in annual annual revenue revenue in a particular year No change to Makes it clear that the requirements review process for a small Small associations Part 5 - Update association is not an audit Change of language from process audit to review Enables medium Introduces the option for associations to determine medium associations to most suitable approach have the option of Medium associations for their organisation Part 5 - Update professionally reviewed or audited financial Reduces administrative statements costs No change to Large associations requirements
Issue Proposed Change Benefit Legislation reference Financial accounts Brings tiers for financial reporting from regulations into the Act and makes annual revenue the sole criteria for determining a small, medium or large association Makes it easier to understand reporting requirements No change to revenue amounts: Small – less than $400,000 Medium – less than $1m Large – over $1m New One-off changes in annual revenue Organisations can apply for an exemption for oneoff changes in annual revenue in a particular year Enables associations to plan with certainty New Small associations No change to requirements Change of language from audit to review Makes it clear that the review process for a small association is not an audit process Part 5 - Update Medium associations Introduces the option for medium associations to have the option of professionally reviewed or audited financial statements Enables medium associations to determine most suitable approach for their organisation Reduces administrative costs Part 5 - Update Large associations No change to requirements
Proposed-changes-to-the-Associations-Incorporation-Act-1991.docx