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.