As part of its ongoing initiatives in not-for-profit reporting, in 2013 the Institute of Chartered Accountants in Australia published the fourth edition of Enhancing Not-for-Profit Annual and Financial Reporting, which was first launched in 2007. The guidance is a tool designed specifically for the NFP sector to attain best practice in their annual and financial reports, as well as providing an overview of applicable legislation and resources.
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Results for Annual Reports
What at first appeared to be simplifications to reporting requirements for not-for-profits now appear to impose further disclosure in coming years. Early in 2010 the Federal Government and the Australian Accounting Standards Board (AASB) introduced new financial reporting standards. The good news for companies limited by guarantee - which encompasses many not-for-profit (NFP) associations – applies for the financial year ending 30 June 2010. Late changes to the Corporations Act…