The BCCM is pleased to announce that the Australian Accounting Standards Board (AASB) has published the co-operative and mutual enterprise FAQs on its website.
The FAQs have been developed for existing and potential members of Co-operative and Mutual Enterprises (CMEs) and users of their financial statements. The FAQs explore how these types of entities differ from other organisations, and what implications these differences might have when assessing their financial position and performance.
The initiative arises from the 2015 Senate Inquiry into the role, importance, and overall performance of cooperative, mutual and member-owned firms in the Australian economy, which recommended improving awareness among the accounting and legal professions of the financial reporting standards of co-operatives and mutuals. The inquiry recommended measures to increase awareness of the sector.
The BCCM and BCCM’s Accounting Working Group have been working together with the AASB on the FAQs for the last 12 months. We are grateful to them for their hard work in ensuring CMEs are understood by accounting professionals.