Update from the Office of Best Practice and Regulation

Update from the Office of Best Practice and Regulation

Regulation
Tuesday, 02 June 2020

Office of Best Practice and Regulation

May Update

Office of Best Practice Regulation released the following reports in May 2020

Payment Times Reporting Scheme

On 13 May 2020, the Australian Government introduced legislation to establish a Payment Times Reporting Scheme, which would require qualifying entities (large businesses with more than $100 million annual turnover) to report on their payment performance to small businesses (defined as businesses with a turnover of up to $10 million per annum).

Proposal to formalise the process for developing and documenting Performance Solutions in the National Construction Code

On 21 May 2020, the Australian Building Codes Board agreed to include in the Governing Requirements of the National Construction Code (NCC) 2019 Amendment 1, a process for the development and documenting Performance Solutions.

Financial reporting for certain for-profit private sector entities

On 18 and 19 March 2020, the Australian Accounting Standards Board (AASB) announced the introduction of new Australian Accounting Standards (AAS) – AASB 1060 and AASB 2020-2 – that provide a simplified reporting framework for Tier 2 entities and require certain for-profit private sector entities to prepare general purpose financial statements (GPFS),

Visit the OBPR for the full list of Regulatory Impact Statement (RIS) updates.