Anglicare Australia and the Independent Centre for Not-for-profit Research have launched a project designed to identify the key issues associated with financial reporting and accounting standards for not-for-profits and charities in Australia.
Australian not-for-profits and charities want to be accountable and transparent. However, financial reporting costs time and resources.
Therefore, it is imperative that the regulatory arrangements in place regarding financial reportingâ€”including in relation to Australian Accounting Standardsâ€” deliver benefits for all stakeholders efficiently and effectively, so that the cost is outweighed by the benefits achieved. It is apparent that the current arrangements for financial reporting under the Australian Accounting Standards do not necessarily meet this expectation. While there are varied opinions as to what is good and what is not so good under the current regime, there is no one single document designed to explicate the key issues or to provide examples.
For more information on the project, visit here.