New bill will cut compliance costs
Wed, 01 Aug 2012 5:28a.m.
Some of the costly and time-consuming financial reporting burdens small and medium-sized businesses bear are going to be lifted.
Commerce Minister Craig Foss has brought a bill to Parliament that will significantly cut their compliance costs.
"These smaller companies shouldn't necessarily have to produce the same complex financial statements that are required from large companies," he said.
The Financial Reporting Bill will replace the Financial Reporting Act 1993.
It's likely to have its first reading within a few weeks.
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1/08/2012 5:53:14 p.m.
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