COAG Approves NFP Standard Chart of Accounts
Thursday, 22nd April 2010 at 5:33 pm
The QUT Standard Chart of Accounts (SCOA) for the Not for Profit sector has been formally approved by all Australian Governments for implementation by July 1 2010.
Federal and state governments, meeting as the Council of Australian Governments (COAG) in Canberra on 19-20 April, agreed to an implementation plan and governance structure to develop a nationally consistent approach to fundraising regulation, and the adoption of a standard chart of accounts where possible by 1 July 2010.
The COAG meeting agreed that this will further reduce the regulatory burden and improve public confidence in the Not for Profit sector.
The Council of Australian Governments (COAG) agreed in December 2009 to adopt a Standard Chart of Accounts for Not for Profit organisations receiving government grants.
The Chart of Accounts, developed by QUT’s Australian Centre for Philanthropy and Nonprofit Studies (ACPNS), is available free of charge to Not for Profit organisations.
Speaking in January, Centre director Professor Myles McGregor-Lowndes said the chart would remedy a lack of consistency in accounting categories and terms required by government departments which funded NFP organisations.
He said essentially what it means for these organisations is that they no longer have to negotiate the chaotic maze of government guidelines and instead can now focus their efforts on the real business of Not for Profit organisations, which is improving the lives of others.
Access the Standard Chart of Accounts, and a range of other tools and information here: https://wiki.qut.edu.au/display/CPNS/Standard+Chart+of+Accounts