5 April 2019
CPA Australia’s Board met this week and I would like to take this opportunity to provide an update on the following topics.
- Release of the 2018 Integrated Report
- Annual General Meeting
- Australian Federal Budget
Release of the 2018 Integrated Report
The 2018 Integrated Report is now available for members to view online. For members that have requested a hard copy, this will be mailed to you shortly.
Watch a video in which President and Chair, Peter Wilson, introduces the 2018 Integrated Report.
2018 was a year of transition for CPA Australia, as we set about consolidating changes to the governance arrangements that members voted for at the 2018 AGM, introducing a new strategy and implementing organisational change to deliver on the strategy.
The 2018 Integrated Report, which was audited by new group auditor KPMG Australia, reflects this activity and sets a new high level of disclosure and transparency in all areas of the business – from the financial statements to our operations, performance and membership demographics (PDF).
In response to queries raised by members at the 2018 AGM, this year’s report features enhanced member demographic information, including the number of members in each Australian Division.
In addition, the geographical financial performance includes an allocation of overheads for the different regions.
The report also includes:
- enhanced tax disclosures
- an expanded statement of comprehensive income
- broader disclosure of executive remuneration for key management personnel
- segmented reporting aligned to the respective strategic goals
- increased use of comparative data for performance metrics showing movement from 2017 results
- the findings of member survey results, which show improvement in key areas of value and satisfaction compared to 2017.
Further changes to the report have come through the adoption of new accounting standards which affect the treatment of assets and revenue.
In 2018, we delivered an operating surplus after tax of $5.5 million. This operating balance, which is lower than in 2017 ($11.9 million), reflects the investment we have already made in providing services to members, such as the re-platforming of the CPA Program. Importantly, it enables us to invest further in the initiatives identified as part of the strategy.
The 2018 Integrated Report is now available on the website and I encourage you to take the time to read it.
Annual General Meeting
CPA Australia’s Annual General Meeting will be held on Tuesday 14 May at 5.30pm (AEST) at the Langham Hotel on Southbank in Melbourne.
The Notice of Meeting will be sent to members no later than Thursday 18 April.
Further details will be available on our website from Thursday 18 April.
Australian Federal Budget
When the Australian Government handed down its 2019-20 Federal Budget on 2 April 2019, CPA Australia’s team provided members with comprehensive coverage and in-depth analysis on the night across our various channels.
Articles published in Tax News, INTHEBLACK.com and CPA Update include a detailed report (PDF) covering all areas of the budget document and look at the various winners and losers in this year’s Budget. Our media release includes a summary of how the budget affects small business, investors, individuals and families, superannuation and the accounting profession, as well as areas of missed opportunity.
I invite you to take the time to read through our extensive Budget coverage.
Peter Wilson AM FCPA
President and Chair
On behalf of CPA Australia’s Board of Directors