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If you are a charity or nonprofit (NFP), a number of financial reporting changes will impact your Annual Information Statement (AIS) and financial reporting obligations as of June 30, 2022. These are being driven by the Australian Charities and Not-for-Profits Commission (ACNC) ‘red tape reduction’ project and also a campaign to increase the transparency of non-profit organisations. The Australian Accounting Standards Board‘s (AASB) new financial reporting framework also has minor implications. You should consider and incorporate these changes into your future financial and AIS reports.
- Increase in reporting thresholds
- Replacement of reduced disclosure financial statements with simplified disclosures
- Introduction of key management personnel and related party disclosures for certain large charities
- Requirements for administrators to obtain an administrator ID card.
These changes may have a significant impact on your charities’ reporting requirements and preparing this year’s financial statements may require additional effort as you implement these new disclosure requirements. If you need assistance in transitioning to the new simplified financial statements or in implementing any of the other changes required by the ACNC, please contact your local Moore Australia adviser.
This article is posted as a general comment – please contact us about your particular situation.
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