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New Issues Paper launched on Accounting Standards for the Not-For-Profit Sector

Mar 30, 2017, 00:00 AM by User Not Found

Anglicare Australia, together with the Australian Charities and Not-for-profit Commission (ACNC) and the Australian Accounting Standards Board (AASB) today launched a new issues paper on not-for profit sector reporting and accountability.

The paper, entitled: Issues Paper: Better Financial Reporting for Australian NFPs focuses on financial reporting for the Australian Not-for-profit and Charitable Sector.

Anglicare Australia commissioned the paper from Dr David Gilchrist of Baxter-Lawley.

Dr Gilchrist in the introduction to the document explains the need for sector-wide participation in the national discussion pertaining to Australian Accounting Standards and their impact on the Sector’s financial reporting arrangements.

“It seeks to do this by identifying the key issues and problems (including problems associated with relevance and administrative burden) faced by the sector”, said Dr Gilchrist. 

“It is great to see the ACNC,  the Accounting Standards Board and the sector come together to recognise the importance of this project and the need to get financial reporting right for NFPs and charities in Australia.”

“The setting of accounting standards for any sector is complex and relies on good will and engagement of all impacted. It is very pleasing to see this good will exists and that there is very real intent to get this right.”

“This paper is not seeking to provide answers, but rather raises a set of 13 core questions which are intended to facilitate the national discussion.”

“Ultimately, the answers to these questions should come from the sector, regulators and the broader community.”

“While accounting standards may seem a technical area of limited interest, for a number of years now there have been increased calls for increased reporting by Australia's NFPs and charities. The problem continues to be that we do not know how this should look. This report is the first step in developing an understanding of how we might move forward”, said Dr Gilchrist. 

The paper is available at this link.