Vol 7 Issue 14 July 29 2009

  • Date:29 Jul 2009
  • Type:Boardroom Report

More work needed on IFRS for SMEs

The new International Financial Reporting Standard for small and medium-sized entities (IFRS for SMEs) is good news for larger Australian unlisted companies, but requires further debate for smaller companies.

This is the view of Keith Reilly, national head of professional standards at Grant Thornton Australia and a member of AICD’s Reporting Committee.

IFRS for SMEs was published by the International Accounting Standards Board (IASB) earlier this month, after a five-year development process with extensive consultation with SMEs worldwide.

Turnbull warns on ETS

A poorly designed emissions trading scheme could do enormous economic damage to Australia for little or no environmental benefit, Opposition Leader Malcolm Turnbull warned at an AICD lunch in Sydney yesterday.

“The devil is truly in the detail,” he said. “Because any action Australia takes will be futile in the absence of global effort, it makes sense for the design of our scheme to be finalised after the Americans have legislated for their’s – because that will undoubtedly be the global benchmark – and after the Copenhagen summit in December.”

Better governance to prevent another GFC

Weaknesses in risk management, board quality and practice, control of remuneration and in exercising ownership rights need to be improved in the UK and internationally to minimise the risk of another global financial crisis (GFC) recurring.

This was the view of Sir David Walker, a former financial regulator and banker, who, at the request of UK Prime Minister, Gordon Brown, conducted a review into corporate governance in UK banks and other financial institutions (BOFIs) in the wake of the GFC.

The top 10 privacy compliance tips for SMEs

Privacy compliance is not just a legal requirement, it is also vital to the success of any enterprise, says Australian Privacy Commissioner, Karen Curtis.

AICD offers guidance for directors on AGMs

The annual general meeting (AGM) is one of the most important events on the corporate calendar, providing a key mechanism for keeping the board accountable for the performance of directors and the company.

For shareholders, it provides an opportunity to see who the directors are, to engage with the people they elect to lead the company and to take part in some important company business and decision-making.



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