Accountants play an essential role in improving reporting in the charity and not-for-profit sector, writes James Dunn in this article that first appeared in CPA Australia’s INTHEBLACK.
Accountants are steering Australia’s not for profit nfp sector through tighter reporting requirements and looming changes in reporting standards.
Reporting by charities and not for profit nfp entities is a different proposition to reporting in the for-profit corporate world, but the good work of Australia’s 54,000 charities and the much larger and diverse NFP sector draws many accountants to the sector.
“Quite often, the focus of a charity/NFP is purely on its mission, and it’s not necessarily focused primarily on the accountability or reporting that has to be completed to us,” Mel Yates FCPA, director of reporting and red-tape reduction at the Australian Charities & Not-for-profits Commission (ACNC) said.
“There is certainly a different mindset for the production of accounts for a not-for-profit or charity.”
With those differences, however, comes a much more tangible feeling of satisfaction for the accountants working in the area, he says.
“The charity/NFP sector is a valid, very vibrant, professionally rewarding area to be involved in.”
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