The Institute has made a submission on the proposed structure of the Carbon Pollution Reduction Scheme in the Green Paper issued by the Department of Climate Change in July. Comments are made in the key areas of taxation, accounting & reporting and assurance.  
 
From an accounting & reporting perspective, we concur with the Government’s preference for development of an international accounting standard rather than an Australian specific approach. This would ensure continued compliance of Australian companies with International Reporting Standards (IFRSs).  
 
From an assurance perspective, we believe that the current proposal for assurance on data lodged at a threshold that is substantially higher than the proposed reporting threshold has potential to lead to confusion and misunderstanding. We recommend that the reporting and assurance thresholds be aligned.  
 
To view the submission, visit here.  
 
To view a detailed submission from a tax perspective, go to here.