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: email@example.com or phone 13 ACNC (13 2262).