NDIS Criterion
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  | 

ACNC Releases NFP Reporting Requirements


Friday, 5th July 2013 at 11:04 am
Staff Reporter
The Australian Charities and Not-for-profits Commission (ACNC) has released the financial reporting requirements of the 2014 Annual Information Statement (AIS) which will ask charities to provide details in relation to their activities and operations for the 2013-14 reporting period.

Friday, 5th July 2013
at 11:04 am
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
ACNC Releases NFP Reporting Requirements
Friday, 5th July 2013 at 11:04 am

The Australian Charities and Not-for-profits Commission (ACNC) has released the financial reporting requirements of the 2014 Annual Information Statement (AIS) which will ask charities to provide details in relation to their activities and operations for the 2013-14 reporting period.

The 2014 AIS is not due until December 31, 2014, or later when an approved substituted accounting period applies, however the ACNC says it is giving charities as much time as possible to prepare any relevant information.

The ACNC says the 2014 AIS is the result of broad consultation with the sector. The ACNC received 160 responses which included online survey responses and written submissions in addition to holding face-to-face meetings, teleconferences, information sessions and online via Facebook.

Acting ACNC Commissioner, Murray Baird, said the consultation was broad ranging and received responses from a diverse cross section of the NFP sector including large national charities, smaller regional organisations, peak bodies and professional representatives.

“Those who provided a submission will notice that following the consultation we have significantly reduced the amount of financial data that charities have to enter in the 2014 AIS, and we have removed questions in relation to business activities, related parties, salary sacrifice expenses and reserves,” he said.

In terms of financial information, the 2014 AIS will ask different questions depending on the size of the charity. Small charities – those with annual revenue of less than $250,000, will have fewer questions to respond to than medium-sized charities with $250,000 to $999,999 annual revenue, and large charities with $1 million or more annual revenue.

Baird said the ACNC was also working collaboratively to streamline reporting and to support charities in meeting their reporting requirements. The National Standard Chart of Accounts (NSCOA) has already been transferred to the ACNC from the Australian Centre for Philanthropy and Nonprofit Studies at Queensland University of Technology.

Baird said the ACNC has ensured the information requested is consistent with the National Standard Chart of Accounts in order to assist charities in reporting their financial information to the ACNC.

“The NSCOA provides access for all organisations to an agreed set of accounting definitions and this will save them time and money, particularly in relation to reporting to government. Many charities are already using NSCOA to help reduce time and costs in financial reporting,” he said.

The ACNC has reminded charities to consider the impact of the 2014 AIS from 1 July 2013 and note their 2014 AIS will be pre-populated with the information they provide in their 2013 AIS – making the process simpler and faster.

The ACNC has published a detailed guide to assist charities in understanding what is required for the 2014 AIS. The guide includes information on what is different in the 2014 AIS to the 2013 AIS, timelines for gathering information as well as guidance in relation to the financial questions for small, medium and large charities and helpful links.

Charities can also contact the ACNC by email: advice@acnc.gov.au or phone 13 ACNC (13 2262).



FEATURED SUPPLIERS


...


Yes we’re lawyers, but we do a lot more....

Moores

Brennan IT helps not-for-profit (NFP) organisations drive gr...

Brennan IT

Helping the helpers fund their mission…...

FrontStream Pty Ltd (FrontStream AsiaPacific)

More Suppliers


YOU MAY ALSO LIKE

Susan Pascoe Appointed President of ACFID

Wendy Williams

Wednesday, 1st November 2017 at 4:48 pm

Annual Report Reveals ACNC Taking Proactive Approach to Compliance

Wendy Williams

Monday, 30th October 2017 at 5:16 pm

NFPs Receive Share of $200,000 in Funding to Tackle Family Violence

Luke Michael

Thursday, 19th October 2017 at 4:33 pm

Have You Been Commodified?

David Crosbie

Thursday, 12th October 2017 at 8:36 am

POPULAR

Disability Advocacy Group Fights to Restore State Funding

Luke Michael

Thursday, 9th November 2017 at 8:37 am

Red Cross Moves to Wage-Based Fundraising Model

Lina Caneva

Thursday, 16th November 2017 at 8:30 am

New Same-Sex Marriage Bill Looks to Protect Faith-Based Charities

Luke Michael

Monday, 13th November 2017 at 5:25 pm

Donors Looking for a Personalised Experience to Give More – Study

Lina Caneva

Wednesday, 8th November 2017 at 1:43 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


NDIS Criterion
pba inverse logo
Subscribe Twitter Facebook

The social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!