EXEMPT PROPRIETARY COMPANY ANNUAL REPORTING REQUIREMENTS: PUBUC INTEREST OR BUREAUCRATIC EMPIRE-BUILDING?

Abstract: Australian small business enterprises, operated as exempt proprietary companies, are exposed to numerous statutory requirements. The Corporations Law Simplification Taskforce has proposed a number of changes with the stated objective of minimising the statutory burdens faced by small business. One of the recommendations of the taskforce is that most exempt proprietary companies be exempted from the requirement to supply key financial data in annual returns lodged with the Australian Securities Commission. This paper provides a review of the existing statutory responsibility for exempt proprietary companies to prepare annual returns including key financial data and lodge them with the ASC. A common justification offered for the introduction and continued maintenance of annual reporting requirements has been the protection of the public interest. The “public choice” theory of regulation provides alternative explanations for the regulation, including the promotion of producer interests or the promotion of the interests of the regulatory agency responsible for the administration of the legislation, the Australian Securities Commission, and other government departments such as Attorney-General's, Finance and Treasury. The existence of alternative explanations raises the possibility that the regulation is not motivated exclusively by the public interest. Indirect evidence of the usefulness of the annual reporting requirements was gathered with a consideration of the quality of the key financial data disclosed in annual returns. More than 40% of the annual returns lodged by a sample of exempt proprietary companies, during the years 1986 to 1989, contained key financial data which was inconsistent with being extracted from a properly prepared balance sheet (where assets minus liabilities equal shareholders' equity). The possibility that the maintenance of annual reporting requirements is not in the public interest, and the limited reliability of key financial data disclosures made, offers some support for the recent recommendations of the Corporations Law Simplification Taskforce that annual reporting requirements for small business enterprises be modified.     

Pulmonary arterial fibromuscular dysplasia: a rare cause of fulminant lung hemorrhage

Arterial fibromuscular dysplasia (FMD) represents a collection of noninflammatory and nonatherosclerotic vascular diseases with a poorly understood etiology. Classically occurring in renal and cerebral arteries, this entity has also been reported in coronary, carotid, and other medium and small arteries. One case occurring in the pulmonary vasculature has been reported. Fatal hemothorax and lung hemorrhage have multiple causes, including other vascular malformations and connective tissue disorders; however, cases of pulmonary FMD are exceedingly rare. We report what appears to be the second such association, occurring in a 69-year-old man. The patient presented with a 3-week history of increasing dyspnea, fatigue, and productive cough; 3 days of increasing back and chest pain; and syncope. Chest radiograph showed a "white-out" of the left lung. The patient died shortly after admission from a fulminant respiratory disease of undetermined etiology. At autopsy he was found to have a massive left hemothorax resulting from an unsuspected pulmonary arterial fibromuscular dysplasia.     

The evaluation of the extent of transporting or "tracking" an identifiable ignitable liquid (gasoline) throughout fire scenes during the investigative process

Tests have determined that boots or shoes of individuals at a fire scene do not transport sufficient contaminants ("tracking") through the fire scene to produce a positive laboratory result for the presence of gasoline in a fire scene that was not present at the time of the fire. Questions about the validity of forensic laboratory results have been raised on the basis that low-level gasoline residues detected in the laboratory samples could have been the result of transporting the residue by footwear contaminated from the fire scene ("tracking"). The data collected in this study establish that "tracking" does not lead to false-positive laboratory results. Canines trained and experienced in the detection of trace ignitable liquid residues were also utilized in this study. The canine results confirmed that properly trained canines show a higher sensitivity than do standard ASTM laboratory techniques for fire debris analysis. In a few cases, canines responded to contamination, but laboratory testing (which is the definitive indicator) did not produce positive results.     

Command of the Sea with Chinese Characteristics

As globalization accelerates, U.S. foreign policy makers have become less convinced of the influence geopolitics and power politics have on international affairs. They now risk losing touch with rising competitors like China that continue to view the international system in geopolitical terms. Chinese geopolitical strategists have great influence with the country's defense policy makers, who are focusing increasingly on the need for China to establish command of the seas—a goal that threatens conflict between it and the United States throughout Asia. In order to prevent a return to a world dominated by aggressive, geopolitically driven actors, the United States cannot afford to assume that China shares its worldview and that geopolitics has disappeared from international relations.     

Citizen Led Policing in the Digital Realm: Paedophile Hunters and Article 8 in the case of Sutherland v Her Majesty's Advocate

In Sutherland v Her Majesty's Advocate, the Supreme Court unanimously dismissed an appeal which argued that the use of communications obtained by a paedophile hunter group as evidence in criminal prosecution was a violation of Article 8 of the European Convention on Human Rights. The case raises fundamental questions of the scope of the right to private life as regards to the content of communications and the role played by private actors in the criminal justice process. This note argues that by limiting the protection of Article 8 to private communications which satisfy a contents-based test, the Court has bypassed the Article 8(2) balancing test to the detriment of the due process rights of the accused. The note concludes that the decision opens up the prospect of the state circumventing the accused's Article 8 privacy rights by lending tacit approval to the proactive investigations of these private ‘paedophile hunter’ groups.     

Processes Linking Parents’ and Adolescents’ Religiousness and Adolescent Substance Use: Monitoring and Self-Control

Empirical evidence suggests that religiousness is related negatively to adolescent substance use; yet, we know little about how such protective effects might occur. The current study examined whether parents’ and adolescents’ religiousness are associated positively with parental, religious, and self-monitoring, which in turn are related to higher self-control, thereby related to lower adolescent substance use. Participants were 220 adolescents (45 % female) who were interviewed at ages 10–16 and again 2.4 years later. Structural equation modeling analyses suggested that higher adolescents’ religiousness at Time 1 was related to lower substance use at Time 2 indirectly through religious monitoring, self-monitoring, and self-control. Higher parents’ religiousness at Time 1 was associated with higher parental monitoring at Time 2, which in turn was related to lower adolescent substance use at Time 2 directly and indirectly through higher adolescent self-control. The results illustrate that adolescents with high awareness of being monitored by God are likely to show high self-control abilities and, consequently, low substance use. The findings further suggest that adolescents’ religiousness as well as their religious environments (e.g., familial context) can facilitate desirable developmental outcomes.     

Does Intimate Partner Violence Epidemiology Differ Between Homes With and Without Children? A Population-Based Study of Annual Prevalence and Associated Risk Factors

We sought to determine whether intimate partner violence (IPV) risk factors differed depending upon the presence of children in the home, and to estimate the annual prevalence of IPV first in the general population and then in homes with and without children. We analyzed data from a cross-sectional random sample of 6,836 women in southeastern Pennsylvania interviewed by telephone in 2004. The magnitude of association between IPV and risk factors varied between homes with and without children for women’s alcohol problems (with children, odds ratio (OR) 7.7; 95% confidence interval (CI) 2.9, 20.9; without children, OR 2.4; 95% CI 0.9, 6.0), and mental health problems (with children, OR 4.0; 95% CI 1.8, 8.9; without children, OR 3.0; 95% CI 1.6, 5.7). Poverty was significantly associated with IPV only in homes without children (OR 3.6; 95% CI 1.9, 7.2). Annual IPV prevalence was 1.2% overall, 1.4% in homes with children, and 1.1% in homes without children. One in 63 children lived in a home with IPV. Differences in IPV risk factors in homes with and without children suggest distinct underlying IPV mechanisms or consequences in these contexts.