Technical News

Preparers and auditors of not-for-profit financial statements can refer to an AASB guide to better understand the extent and rationale of modifications made to Australian Accounting Standards for entities in the NFP private and public sectors. As part of its transaction neutrality policy, the AASB uses IFRS Standards as a starting base in developing Standards for NFP Entities, such as…

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The ACNC and ATO joined forces to present an overview of the Federal Government’s support for the charity and NFP sectors as a result of COVID-19. To view the webinar, click here

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The COVID-19 National Funding Platform was launched last month by Australian Communities Foundation and Philanthropy Australia to coordinate the philanthropic response to the COVID-19 pandemic. This platform brings funders and not-for-profit organisations together during this difficult time. Not-for-profit organisations are encouraged to register their COVID-19 related funding needs on the platform so that philanthropic funders can understand the granting opportunities…

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A Charities Crisis Cabinet has been formed with co-Chairs Rev Tim Costello AO and Susan Pascoe AM and 18 other leaders from the not-for-profit sector. The Cabinet has identified key issues that cut across the sector, such as the likely impact on public and corporate giving. Policy options that have broad consensus within the group are being worked on, with…

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This factsheet is a quick guide to the latest decisions of the Australian Accounting Standards Board on its reporting framework reform project for not-for-profit entities. CPA Australia and Chartered Accountants Australia and New Zealand (CA ANZ) have jointly developed this factsheet to inform members and stakeholders in the NFP sector. To view the Factsheet, click here

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The AASB has created a dedicated web page that will house various internal and external resources as they pertain to COVID-19 and its effects on the financial reporting process. To view the AASB resources, click here

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Further information on the Working with Children Check from the Department of Human Services is now available. The latest resource will answer the many questions from volunteer involving organisations and their obligations around the checks. To view the DHS Information Guide, click here

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The ANAO’s audit of the Australian Charities and Not-for-profits Commission found that the watchdog has been largely effective in delivering its regulatory responsibilities and reducing red tape for charities. But it said the ACNC has taken a “light touch” approach to assessing whether charities meet required governance standards, putting the onus on organisations to self-assess compliance and seek further information…

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Recently enacted legislation has extended the director penalty rules to include GST, luxury car tax and wine equalisation tax. For tax quarters starting from 1 April 2020, a company director becomes personally liable for these unpaid liabilities of the company unless they take corrective action within specified time limits. Before the recent changes were enacted, these penalty rules only applied…

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