Australia_Funds_Mtg_accounting_2010

Australia_Funds_Mtg_accounting_2010 - Australia Accounting...

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© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. Australia Accounting FUNDS AND FUND MANAGEMENT 2010 Collective investment funds or schemes are normally structured as unit trusts in Australia. Such funds can take different forms. Generally they are either Registered Managed Investment Schemes (MIS) and subject to regulation under the Corporations Act or they can be Registerable Superannuation Entities (RSE) and subject to regulation under the Superannuation Industry (Supervision) Act. 1.1 Requirement to produce financial statements Requirement to maintain the books and records Written financial records must be kept for all regulated Australian schemes. The financial records must correctly record and explain the scheme’s transactions and financial position, and performance. The financial records should enable true and fair financial statements to be prepared and audited. Production of financial statements by MIS MIS are required to produce an annual financial report and a directors’ report under the Corporations Act 2001 of Australia. Certain disclosing entities are required to prepare a half-year financial report and directors’ report. Disclosing entities are defined by the Corporations Act. A Responsible Entity (RE) must be appointed to manage schemes registered under the Corporations Act. The directors of the RE are responsible for the financial report of the scheme. One director of the RE should sign the directors’ report, which is attached to the scheme’s financial report. Production of financial statements by RSE RSE are required to produce an annual financial report and a trustee’s report under the Superannuation Industry (Supervision) Act 1993 (SIS). There is no requirement for RSE to produce a half-year financial report.
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2 Australia – Accounting © 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. An RSE licensee (trustee) must be appointed to manage the RSE under SIS. RSE licensees are usually incorporated entities. The directors of the trustee are responsible for the financial report of the RSE. The annual trustee’s report to members is not required to accompany the annual financial report. Choice of period/year-end for schemes Australian schemes can choose their own year end. However, most schemes have a 30 June year end which coincides with the Australian tax year end. There is almost no scope to obtain a tax year end other than 30 June. The first financial year for a scheme starts on the day the MIS is registered with
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This note was uploaded on 06/20/2011 for the course ECON NgocAnhNo1 taught by Professor Ngocanhno1 during the Spring '11 term at Université de Genève.

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Australia_Funds_Mtg_accounting_2010 - Australia Accounting...

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