The Australian Accounting Standards Board (AASB) has published a series of co-operative and mutual enterprise FAQs on its website.
The FAQs explore how co-ops and mutuals differ from other organisations, and what implications these differences might have when assessing their financial position and performance. They were developed by the the Business Council of Co-operatives and Mutuals’s (BCCM) accounting working group, alongside the AASB, to promote understanding of the model.
“Co-operative and mutual enterprises (CMEs) have existed in Australia for centuries,” said the BCCM. “Despite this long history, they are not recognised or understood by many Australians, and their impact on our society and economic life is not sufficiently appreciated.”