News from Davidsons
Reporting and the Australian Charities & Non-For-Profit Commission (ACNC)
Under current ACNC reporting requirements, if a charity is classified as a medium or large category, then it will be required to prepare reviewed/audited financials. Preparers are required to have a detailed understanding of any specific regulatory requirements that may impact the entity’s financial report.
Companies limited by guarantee that are also registered under the ACNC Act are reminded that they no longer prepare financial reports in accordance with the Corporations Act 2001. All registered charities must prepare their financial reports in compliance with the Australian Charities and Not-for-Profits Commission (ACNC).
Whether or not an entity is reporting or non-reporting, companies and charities must apply, as a minimum, the following five accounting standards to the extent they are relevant:
- AASB 101, Presentation of Financial Statements
- AASB 107, Statement of Cash Flows
- AASB 108, Accounting Policies, Changes in Accounting Estimates and Errors
- AASB 1048, Interpretation of Standards
- AASB 1054, Australian Additional Disclosures.
For more information in relation to annual reporting requirements please CLICK HERE