14th July 2011
The Centro decision – some lessons for not for profit bodies
By Darren Fittler, Rachel Launders
The decision of the Federal Court in Australian Securities & Investments Commission v Healey & Ors [2011] FCA 717, relating to the 2007 accounts of companies in the Centro group, has no doubt raised anxiety levels for a number of company directors, concerned that they must now become experts in accounting standards. While the decision certainly raises the bar for directors, the good news is it stops well short of requiring directors to be expert accountants.