not for profit reporting n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Not-for-profit reporting PowerPoint Presentation
Download Presentation
Not-for-profit reporting

Loading in 2 Seconds...

play fullscreen
1 / 10

Not-for-profit reporting - PowerPoint PPT Presentation


  • 95 Views
  • Uploaded on

Not-for-profit reporting. Kerry Hicks FCA – Head of reporting. Who reports financial accounting information. Current practice Legislation determined Corporations Act tiering structure introduced 1 July 2010

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Not-for-profit reporting' - rio


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
not for profit reporting

Not-for-profit reporting

Kerry Hicks FCA – Head of reporting

who reports financial accounting information
Who reports financial accounting information
  • Current practice
    • Legislation determined
    • Corporations Act tiering structure introduced 1 July 2010
    • Entities with DGR status all report under Law, those NFPs (not DGR) completely exempted if revenues < $250K
    • Huge inconsistency in state reporting from no reporting to full reporting
who reports financial accounting information1
Who reports financial accounting information
  • Future considerations
    • Priority to be given to consistency in State reporting
    • Some concern expressed by NFPs that the thresholds are too low
what type of information is reported
What type of information is reported
  • Current practice – accounting standards
    • Limited by guarantee report in accordance with CL (includes Australian Accounting standards)
    • Varying accounting practices exist for Australian standards based on whether the entity is a reporting entity or not
    • Non-corporate NFPs have various reporting requirements (and some none)
    • Australian accounting standards are IFRS based, single set of standards
what type of information is reported1
What type of information is reported
  • Future considerations – accounting standards
    • Does one size (IFRS based) fit all?
    • Simpler standards required with NFP user focus
    • Australian standards are changing and likely to require general purpose financial reporting, more complex for some
    • Jurisdiction developments show lack of consistency across the world in this space
international developments in nfp charity financial reporting
International Developments in NFP/charity financial reporting
  • New Zealand
    • Tiered reporting to be introduced, based on IPSAS and not IFRS (multi-standard approach)
  • Canada
    • Separate suite of accounting standards for NFPs, based on Canadian GAAP
  • UK
    • UK IFRS for SMEs plus separate PBE standard
  • US
    • Specific standards applicable
what type of information is reported2
What type of information is reported
  • Current practice – other requirements
    • New directors report requirement from 1 July 2010 has introduced mandatory ‘non-financial reporting’
    • Non-corporate NFPs have various reporting requirements (and some none)
    • Institute has produced a best practice guide called ‘Enhancing not-for-profit annual and financial reporting’
what type of information is reported3
What type of information is reported
  • Future considerations – other standards
    • Keep directors report requirements at a minimum
    • Link between financial and non-financial reporting information is tenuous
    • IPSAS and AASB both have non-financial reporting projects in progress
how can the information be reported efficiently
How can the information be reported efficiently
  • Use of SBR needed
    • Incentives to be provided
    • SBR have already mapped financial reporting standard requirements
    • NFP extensions to be agreed between major users (incl funders)
    • Does SCOA meet the need for NFP extensions?
    • SBR have experience in negotiating between state and commonwealth govts to achieve minimum extensions