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Referral of corporations powers locked in for a further five years in Australia

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25 Aug 2011

David Bradbury MP, Australian Parliamentary Secretary to the Treasurer and Chairman of the Ministerial Council for Corporations, has announced the further extension of the referral of corporations power from the Australian states to the Commonwealth.

The referral of corporations powers underwrites the Australian Federal Government's ability to enact national laws dealing with corporations, in particular the Corporations Act 2011, which contains financial reporting requirements for entities with which it deals. Australian Accounting Standards (which are equivalent to International Financial Reporting Standards) are given the force of law by s.296 of the Corporations Act.

The current arrangements commenced in 2006 and the new agreement extends them to 2016.

Click for Australian Government press release (link to Australian Treasury website).

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