ACMOC Fin Year End Preparations 31 Dec 2018 - Post for BoD Directors

Hello All

ACMOC has a year end 31 December 2018.

With balance date approaching the Board of Directors has the responsibility to ensure that appropriate steps are in place to accurately prepare the Financial Statements for the Club. This includes ensuring that a process is in place to accurately account for inventory, establish Accounts Receivable and Payable, any bad debts are written off and determine all Assets and Liabilities, including contingent liabilities.

The purpose of this post is to ensure that the Board of Directors have appropriate governance controls, systems and processes in place prior to Balance Date so that Financial Statements will be able to be accurately prepared to Generally Accepted Accounting Policies AND Audit if required. There are other Director obligations and other duties, such as reporting, but this post is focussed on ensuring that the Directors have notice of their obligations for the balance date transactions.

If as an ACMOC Director you don’t understand your duties and responsibilities. I would urge you to urgently obtain independent advice.

Hudson

Well said, well said.