Debbie Crawshawe’s Post

Finally a confirmed date and detail of the changes to company size limits. Changes take effect from 6th April 2025.

The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 have been published and laid before Parliament. Notably, it increases by approximately 50% the turnover and balance sheet criteria that help determine whether a company is a micro-entity or small, or medium-sized, or large for the purpose of reporting and audit requirements under the Companies Act 2006. This will see many companies benefit from lighter touch financial and non-financial reporting requirements. It also removes several reporting requirements from the Directors’ Report which overlap with other reporting requirements or provide little material value to investors and other users of company reporting. https://lnkd.in/eFPFYnjG

Sure you would have read about the 🟡 GSTN’s advisory on data archival and why you need to have the backup. But here is what went behind the scenes. • The accrual of data and the need to retain it till the time limit for issuance of notices was deliberated by the law committee, and a sub-committee was formed to suggest a data archival policy. • The recommendations for data archival were submitted to law committee on 24 September 2022 and approved on 12 October 2022. The committee inter alia recommended placing time limit of three years beyond due dates for filing returns. → The recommendation with regard to restricting filing of returns was accepted by the GST Council in its 48th meeting in December 2022 and introduced via Finance Act 2023. → The archival policy 👇 placed before the GST Council in its 48th meeting was approved in the 49th meeting held in February 2023. However, the advisory on archival by the GSTN (https://lnkd.in/dRE2aM6Z) does not go into the finer details of the policy approved by the Council. ↳ also why seven years for data retention instead of the five-year limitation period for issuing notices? Perhaps because the archival process is monthly whereas the limitation period of five years starts after the due date for filing annual return (which is after 18 months from the start of the financial year). 💾 Worried about backup? With Cygnet.One, one click and it's done. Connect with us to know more! Catch more of such updates on Twitter/X at https://lnkd.in/eNbeVaaN and on LI at https://lnkd.in/ddR7zkqG. #GSTupdates #TaxTalks ✨

The amendment to the MFR Regulation has been announced and commences today, Friday 16 February 2024, relating to SPFS v GPFS requirements. If you have a client who is required to prepare an MFR Report in financial category SC1, SC2, categories 1 to 3, QBCC will again accept Special Purpose Financial Statements. This change applies to financial information in MFR Reports for the quarter ending 31 December 2023 onwards. Requirements for MFR report for particular licensees (1)This section applies in relation to an MFR report for a category SC1, SC2, 1, 2 or 3 licensee that is required to be given to the commission. (2)Despite section 8(2), the signed financial statements included in the MFR report need only comply with— (a)the following prescribed accounting standards— (i)Australian Accounting Standard AASB 101; (ii)Australian Accounting Standard AASB 107; (iii)Australian Accounting Standard AASB 108; (iv)Australian Accounting Standard AASB 1048; and (b)if another Australian Accounting Standard applies in relation to the licensee’s financial position—the recognition and measurement requirements under the other Standard. https://lnkd.in/gxct2wQm Virtual Audits has experience in conducting financial statement audits for both SPFS and GPFS. Please contact us if you require our audit services and obtain a prompt audit quotation. www.virtualaudits.com.au #virtualaudits #qbcc #spfs #gpfs

❓ Did you know that the EU has 43 agencies, located in 23 member states? They employ over 16 000 people, almost a fifth of all EU staff. They deal with technical, scientific, or regulatory tasks, or implement operational spending programmes. Today's yearly report by European Court of Auditors gives a verdict on the financial management for each agency and summarizes their common challenges. While the majority of the 43 EU agencies managed their finances well in 2023, problems with procurement errors persist as the auditors note that public procurement procedures continue to be the main source of irregularities. They identified areas for improvement at 34 agencies. Press release and full 373-paged report below in 24 EU languages 👇 👇 👇

I am proud to share this post of the European Court of Auditors. (Background: in the interest of the EU and its citizens, the European Court of Auditors carries out an annual examination of the accounts, and the underlying revenue and payments, for EU institutions, agencies and other EU bodies.) It might sound technical but, believe me, compliance is an essential first step for a better public administration 🙂 It is a great pleasure to see a confirmation on the healthy operation of the BEREC Office, the EU agency that supports the Body of European Regulators for Electronic Communications (BEREC). The audit report for 2023 is an absolut clean one, no yellow card, no observation, no open issue from the past. You can read it in chapter 3.3 from page 83. Well done, BEREC Office!

The Delegated Powers and Regulatory Reform Committee has reported on the “Henry VIII clauses” in the Data (Use and Access) Bill. Henry VII clauses are clauses in a bill that enable ministers (rather than Parliament itself) subsequently to amend or repeal provisions in an Act of Parliament using secondary legislation (https://lnkd.in/eAfkFaTi). The Committee was critical of similar clauses in the shelved Data Protection and Digital Information Bill, and remains so. This is notably the case around the proposed powers conferred on ministers to add to or amend the “recognised legitimate interests” (i.e. those new Article 6(1)(f) conditions which would be recognised by the DUA Bill as by default ones which have a legitimate interest). The Committee says that “since the grounds for lawful processing of personal data go to the heart of the data protection legislation, they should not be capable of being changed by subordinate legislation…we remain of the view that the power conferred by clause 70 is inappropriate and recommend that it is removed from the Bill”. The Committee also criticises the proposed power for ministers to amend conditions under which processing is treated as compatible with the original purpose, saying “Given the fundamental nature of [the purpose limitation] principle and the fact [when scrutinising the DPDI Bill] that we found the Department’s reasons for needing the power unconvincing, we took the view in our report that the delegated power was inappropriate. We still remain of that view and accordingly recommend that the delegated power conferred by clause 71 is removed from the Bill”. https://lnkd.in/eirtJrx9

05.07.24. Publication of #Directive (EU) 2024/1760 of 13 June 2024 on #corporate #sustainability #duediligence and amending Directive (EU) 2019/1937 and Regulation (EU) 2023/2859. #CSDDD #CS3D The Directive enters into force on 25.07.24. Member States shall adopt and publish, by 26.07.26, the laws, regulations and administrative provisions necessary to comply with the Directive.  #ESG https://lnkd.in/dBGFUkju

📣New Specific Annual Report: EU Agencies 📣 The majority of the 43 EU agencies managed their finances well in 2023. However, four agencies were not issued a clean opinion on how they spent EU money. In short: 📌All 43 EU agencies get a clean bill of health for good accounts and revenue in 2023 📌Four agencies are given a yellow card for their spending 📌Financing models for agencies collecting their own revenue need more clarity and transparency For the agencies which were not issued a clean opinion on their spending, this was due either to errors in grant management or irregularities found in procurement procedures or contract implementation. Agencies should pay particular attention to the rules laid down in the Financial Regulation, stress the auditors. 🔗 Find the full report below 👇 https://lnkd.in/eUR63zfw 📸 © European Union. Source: European Court of Auditors

On 7 August 2024, the Victorian Government progressed the implementation of the Local Government Amendment (Governance and Integrity) Act 2024 and released three draft documents for public consultation.   The draft documents are:   Model Councillor Code of Conduct Mayoral and Councillor Training Framework Internal Resolution Procedure   The government is seeking feedback by 4 September 2024. In the latest edition of the VLGA Member Exclusive "Governance Insights", the VLGA provides an analysis of the proposals included in the draft documents released by the Victorian Government as part of the 2024 local government integrity reforms to assist Councils in contributing to this consultation process.   If you're a VLGA member and want to find out more about what changes are proposed, and see a line-by-line comparison of both the old and new provisions, and haven't received your copy - please contact the VLGA. And, if you're not a VLGA member and would like to find out more about member only benefits - such as this - please reach out to [email protected]. LGPro VIC (Local Government Professionals) Local Government News Roundup