ACNC financial reporting obligations By William Buck on 01/06/17 - Mins to read: 2 minutes A charity’s reporting obligations to the ACNC depend on whether it is small (annual revenue less than $250,000), medium (annual revenue more than $250,000 but less than $1m) or large (annual revenue more than $1m). Obligations may be summarised as: Small Medium Large Annual Information Statement Financial Report (Optional) 1 1 Basis of accounting Cash or accrual Accrual1 Accrual1 Type of financial statement2 Can choose to submit a financial statement. The financial statement can be the same as a medium or large charity Special-purpose financial statement (if not a ‘reporting entity’) or reduced-disclosure regime general-purpose financial statement or full general-purpose financial statement Review or audit No obligation for review or audit Financial reports either reviewed or audited2 Financial report audited 1 Unless the charity is a basic religious charity or other transitional arrangements apply. 2 Note that the charity’s constitution/governing document or grant-funding agreements may state the type of financial statement the charity must prepare and whether the financial report needs to be reviewed or audited. Revenue should be calculated using relevant accounting standards, for example, AASB 118 Revenue, AASB 1004 Contributions and AASB 117 Leases issued by the Australian Accounting Standards Board.