The AUASB is required to comply with the Government’s Best Practice Regulation requirements, including preparing an Annual Regulatory Plan, undertaking regulatory impact analyses for all new or revised regulation and reporting to Government on regulatory activities.
- Annual Regulatory Plan
Government agencies or departments that are responsible for regulatory changes are required to publish an Annual Regulatory Plan on their website early in each financial year. A regulatory plan is a document that tells business operators, business representatives, other stakeholders and the public about regulatory changes that a government agency or department has made in the past financial year, and plans to make in the next financial year.
- Regulation Impact Statements
In accordance with the Government’s best practice regulation requirements, the AUASB is required to undertake a preliminary regulation impact assessment for all new business regulation or changes to existing regulation that it proposes to make. Where the impact of new or amended business regulation on business, individuals or the economy is assessed as higher than nil or low, the AUASB is required to consult with the Government to determine whether further analysis is required. In some instances a regulation impact statement may be required.