Client Portal

New Report Highlights Not-For-Profit Financial Reporting

The Australian Accounting Standards Board (AASB) have recently issued a new report which finds Australia’s adoption of the International Financial Reporting Standards (IFRS) has been relatively smooth for most Australian business entities.

 The report suggests though that extra support is warranted for not-for-profit entities (such as public sector entities and charities and incorporated associations) to help them meet user needs and reduce costs associated with preparing financial information.

The research report, titled Review of Adoption of International Financial Standards in Australia, sets out the responses from Australian stakeholders from all sectors who, through interviews and forums conducted by the AASB, shared their views and experiences of the past ten years of reporting since Australia adopted the IFRS Standards.

For further information, visit the AASB website here.

Let us keep you up-to-date

Subscribe to the NFPAS email newsletter to receive not for profit industry news and special updates.