Not for Profit

ACNC reports more than $195 million in revenue errors in 2018 The Australian Charities and Not-for-profits Commission has disclosed errors totalling $195,522,440 in 2018 information statements and financial reports.  The faults were catalogued in the commission’s Reporting statistics for the 2018 reporting period.   Amendments to the ACNC register have corrected $195,522,440 in...
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New SPFS disclosures take effect Under AASB 2019-4 Amendments to Australian Accounting Standards – Disclosure in Special Purpose Financial Statements of Not-for-Profit Private Sector Entities on Compliance with Recognition and Measurement Requirements, new disclosure requirements take effect for the first time for financial years ending 31 December.   NFPs will need to make new disclosures about their compliance with...
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Targeted funding critical for NFPs' survival The Australian Institute of Company Directors annual NFP Governance and Performance Studyreveals that many organisations’ future was under threat even before the challenges of COVID-19.  While most NFPs expected to make a loss this financial year, almost 40 per cent had made a loss in the previous three years.  COVID-19...
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Fundraising reforms to aid Vic charities The Victorian government has passed Consumer Legislation Amendment Act 2019, which made important changes from 31 August to the state’s Fundraising Act 1998. Entities already registered with the ACNC will no longer need to register as a fundraiser with Consumer Affairs Victoria. Instead, they...
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Wage underpayment FAQs Wages underpayment has become a pressing issue in the Australian economy.  Several large businesses have admitted to having (often inadvertently) underpaid staff. The Australian Accounting Standards Board has released Staff FAQs – Remuneration underpayments to remind entities of the standards that might apply when accounting for...
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