House of Representatives

Explanatory Memorandum

Circulated By the Authority of the Minister for Financial Services, Superannuation, Corporate Law and Human Services, the Hon Chris Bowen

General outline and financial impact

General outline

A robust financial reporting framework is an essential component of an efficient market. The Corporations Amendment (Corporate Reporting Reform) Bill 2010 will improve Australia's corporate reporting framework by reducing unnecessary red-tape and regulatory burden on companies, improving disclosure requirements and implementing a number of other important refinements to the corporate regulatory framework.

Date of effect: The Act commences on the day it receives the Royal Assent.

Summary of regulation impact statement

Regulation impact on business

Impact: A draft Regulation Impact Statement (RIS) has been prepared in accordance with the Government's best practice regulation requirements. The draft RIS has been released publicly as part of the consultation process.