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ACNC Governance & Finance Reporting Consultation


Tuesday, 18th December 2012 at 9:27 am
Staff Reporter
The Federal Government has released a consultation paper on the draft governance standards for charities registered with the Australian Charities and Not-for-profits Commission (ACNC) and draft regulations on the new ACNC financial reporting framework.


Tuesday, 18th December 2012
at 9:27 am
Staff Reporter


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ACNC Governance & Finance Reporting Consultation
Tuesday, 18th December 2012 at 9:27 am

The Federal Government has released a consultation paper on the draft governance standards for charities registered with the Australian Charities and Not-for-profits Commission (ACNC) and draft regulations on the new ACNC financial reporting framework.

"The draft governance standards cover six topics, including the purposes and Not for Profit nature of charities, accountability to members, compliance with Australian laws, responsible management of financial affairs, and suitability and duties of those who manage charities," the Assistant Treasurer, David Bradbury said.

“The draft governance standards are intended to reflect a minimum set of basic governance outcomes for registered charities, whilst providing entities with flexibility to determine how they achieve these outcomes in the context of their organisation's particular circumstances.

“The draft financial reporting regulations set out the content requirements for financial reports lodged with the ACNC, and also propose to significantly expand the range of individuals able to conduct a review of medium sized registered charities which will reduce on-going compliance costs."

"The development of the draft governance standards has been closely informed by input from the NFP sector and governance experts, including a stakeholder roundtable held in mid-November to seek feedback from stakeholders on the scope and content of the draft governance standards," the Minister for Social Inclusion, Mark Butler said.

"The Government is committed to effective consultation on the draft governance standards and financial reporting regulations, and I encourage interested stakeholders to participate in the consultation process."

As part of the ongoing consultation with the sector, the ACNC will be holding stakeholder forums in capital cities and regional centres in late January and early February.

Further information on the ACNC and these forums can be found at www.acnc.gov.au or by phoning 13 ACNC (13 2262).

The Office for the Not-for-Profit Sector within the Department of the Prime Minister and Cabinet (PMC) will also administer an online forum on www.notforprofit.gov.au to facilitate discussion and provide an additional way to provide input.

The governance consultation paper and proposed financial reporting regulations are available at Treasury website.

Consultation will be open until February 15, 2013.




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