Consultation Paper on Financial Reporting Requirements for ACNC and NFP Commission

  • Date:18 Feb 2013
  • Type:Policy Submission

On Friday, 15 February 2013 we made a submission to Treasury on the consultation paper: Australian Charities and Not-for-profits Commission - Financial Reporting Requirements.

In the submission, we offered our broad support for the draft requirements however, suggested some changes required and importantly stressed the need for further guidance and information to ensure the requirements are understood by the breadth of charities operating in the NFP sector.

We suggested:

  • The terms “Responsible Entity” and “Responsible Entities” are confusing and should be replaced (see our Governance Standards submission for more detail on this issue).
  • Greater clarification is required on the definition of revenue for a charity.
  • The Reporting Tiers should be altered or, at a minimum, a formal review mechanism of these inserted into the standards.
  • The exception regarding joint and collective reporting should be further explained.
  • Each charity should be able to vary their own accounting period to suit their requirements.

Download our submission to Treasury on the consultation paper: Australian Charities and Not-for-profits - Financial Reporting Requirements (PDF 1.45 MB).