Statutory reporting by Australia's charity sector is changing. The end goal is a more streamlined reporting system to improve transparency and good governance to facilitate the vital functioning of charities.
The Australian Accounting Standards Board has made major inroads into decoupling its Australian Accounting Standards framework from special purpose financial statements.
The business sector’s “going concern” assessment is generally a rather routine practice, but in extraordinary times no process is as simple as it once was.
Having considered stakeholder feedback, the AASB decided to grant a temporary exemption for peppercorn lease accounting while it considers its next steps. A temporary exemption provides timely relief to the not-for-profit (NFP) sector when dealing with peppercorn leases.
Giving charity schemes a second look: A review of the ACNC, Australia’s charities and not-for-profits regulator, calls for a national scheme for the charity sector.
The final report from the Independent Panel tasked with a review of the Australian Charities and Not-for-profits Commission (ACNC) legislation was released on 22 August 2018. Initial reading indicates a broad-reaching and far-sighted review, with a balanced and objective set of recommendations tackling the big issues facing regulation and reporting in the sector.
The AASB has proposed to call time on special purpose financial reporting in Australia, which will have sweeping implications.
While the Australian Charities and Not-for-profits Commission has come a long way in its five-year existence, Ram Subramanian believes further good can be done.
Foreign jurisdictions are reaping rewards from making financial reporting data free. In Australia, everyone pays but at the end of the day, no one gains.
Improving communications in financial reporting is a key focus of the International Accounting Standards Board’s latest work plan, but the push for clarity has its challenges.
Three new accounting standards are just around the corner.
One of accounting’s leading lights, Professor Ray Ball, revisits the question: have IFRS delivered on their promise as a global financial reporting framework?
A new ACNC report has reaffirmed the vital role of not-for-profits, but there are still some compliance concerns.
Penalties ahead for not-for-profits that fail to comply.
Future financial reporting requirements may change following the release of AASB report.
Ever since the International Accounting Standards Board decided to remove the term “prudence” from its conceptual framework in 2010 and replace it with “neutrality", there has been a strong push from some quarters to get this term reinstated.
Should Australia start tagging financial reports with XBRL?