Commonwealth legislation

Corporations Legislation Amendment (Financial Reporting Panel) Proclamation 2012

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This proclamation sets the start date for new corporate reporting rules. It declares that Schedule 1 of the Corporations Legislation Amendment (Financial Reporting Panel) Act 2012 begins on 1 October 2012.

In plain terms:

The Governor-General officially activated the new laws on 1 October 2012
These laws created the Financial Reporting Panel (a body that checks whether companies and auditors are following accounting rules properly)
Before this date, the Panel didn't exist; after this date, companies and auditors had to comply with its review processes

Who needs to care: Australian companies, their accountants, and auditors who prepare financial statements, as this date triggers when the new oversight body gained legal power to investigate reporting breaches.

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Current sections

Direct links to the current provisions in Corporations Legislation Amendment (Financial Reporting Panel) Proclamation 2012.

Corporations Legislation Amendment (Financial Reporting Panel) Proclamation 2012

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Commonwealth Coat of Arms

Corporations Legislation Amendment (Financial Reporting Panel) Proclamation 2012

Corporations Legislation Amendment (Financial Reporting Panel) Act 2012

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under item 2 of the table in subsection 2 (1) of the Corporations Legislation Amendment (Financial Reporting Panel) Act 2012, fix 1 October 2012 as the day on which Schedule 1 to that Act commences.

Signed and sealed with the Great Seal of Australia on 27 September 2012

QUENTIN BRYCE Governor-General

By Her Excellency’s Command

BERNIE RIPOLL

Parliamentary Secretary to the Treasurer

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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Corporations Legislation Amendment (Financial Reporting Panel) Proclamation 2012

Corporations Legislation Amendment (Financial Reporting Panel) Act 2012

Signed and sealed with the Great Seal of Australia on 27 September 2012

QUENTIN BRYCE Governor-General

By Her Excellency’s Command

BERNIE RIPOLL

Parliamentary Secretary to the Treasurer