Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services
  • Industry: Not-for-profit
  • Type: Regulatory update
  • Date: 26/11/2012

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

12RU-010 Financial reporting impact for Charities under ACNC 

This Reporting Update provides an overview of the financial reporting impacts for registered charities as a result of the Australian Charities and Not-for-profits Commission (ACNC) Bills 2012, including definitions, reporting requirements, timeframes and guidance. Registered charities will begin to implement the changes for years ending 30 June 2013.

Key insights

 

  • Australian Charities and Not-for-Profit Commission Bills issued and effective on Royal Assent.
  • Bills impact existing charities endorsed by the ATO to receive tax concessions, and any new charities that register with the ACNC.
  • Reporting impacts vary for small, medium and large registered charities.
  • Reduced compliance burden for ‘small’ registered charities.
  • Charities that currently report to ASIC are required to continue to report to ASIC for the 2012-2013 financial year.
  • ‘Basic religious charities’ have different reporting requirements and consultation with advisors is recommended to understand those different reporting requirements.