The forum was convened by GAO to discuss key issues related to financial literacy. Participants included representatives of US federal, state, and local government agencies, academic experts, non-profit practitioners and representatives from the private sector. 'Financial Literacy: Strengthening Partnerships in Challenging Times' summarizes the collective discussion of the forum participants. The following themes were identified during the forum: the need for financial literacy efforts to focus on key populations and skills; the need to identify the most effective approaches to improving financial literacy and targeting efforts accordingly; the need to enhance the role of employers in improving their employees' financial literacy; the need to leverage the unique role of the federal government in improving financial literacy; the need to increase coordination and partnerships within and across levels of government and different sectors; and the need to identify lessons from initiatives designed to improve consumer behaviours. The full text of the discussion summary is available on the GAO website. Detailed Contents 1.6 Government announces closure of the Financial Reporting On 7 February 2012, the Government announced that the Financial Reporting Panel ('FRP') would be wound up. The FRP was established in 2006 to resolve contested issues between ASIC and reporting entities over the application of accounting standards to financial reports. According to the Government, the demand on the FRP as an alternative dispute resolution mechanism has proven to be too low to justify its continued operation. The Government previously announced that it would wind up the FRP in 11 due to lower than expected referral rates. Between 2006, when it was established, and 2010, only one case was referred to the FRP, but the matter was resolved before a determination was made. Four cases were referred to the FRP in August 2010. These referrals led the Government to review whether there was an ongoing role for the FRP but there have been no referrals to the body since that time. Amendments to the Corporations Act 2001 will be introduced into Parliament to give effect to the Government's decision. Detailed Contents
The forum was convened by GAO to discuss key issues related to financial literacy. Participants included representatives of US federal, state, and local government agencies, academic experts, non-profit practitioners and representatives from the private sector. 'Financial Literacy: Strengthening Partnerships in Challenging Times' summarizes the collective discussion of the forum participants. The following themes were identified during the forum: the need for financial literacy efforts to focus on key populations and skills; the need to identify the most effective approaches to improving financial literacy and targeting efforts accordingly; the need to enhance the role of employers in improving their employees' financial literacy; the need to leverage the unique role of the federal government in improving financial literacy; the need to increase coordination and partnerships within and across levels of government and different sectors; and the need to identify lessons from initiatives designed to improve consumer behaviours. The full text of the discussion summary is available on the GAO website. Detailed Contents 1.6 Government announces closure of the Financial Reporting On 7 February 2012, the Government announced that the Financial Reporting Panel ('FRP') would be wound up. The FRP was established in 2006 to resolve contested issues between ASIC and reporting entities over the application of accounting standards to financial reports. According to the Government, the demand on the FRP as an alternative dispute resolution mechanism has proven to be too low to justify its continued operation. The Government previously announced that it would wind up the FRP in due to lower than expected referral rates. Between 2006, when it was established, and 2010, only one case was referred to the FRP, but the matter was resolved before a determination was made. Four cases were referred to the FRP in August 2010. These referrals led the Government to review whether there was an ongoing role for the FRP but there have been no referrals to the body since that time. Amendments to the Corporations Act 2001 will be introduced into Parliament to give effect to the Government's decision. Detailed Contents 11
CORPORATE-LAW-ELECTRONIC-BULLETIN-February-2012.docx