ACNC: the future of financial reporting

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Presentation transcript:

ACNC: the future of financial reporting Melville Yates Director | Reporting, Red Tape Reduction & Corporate Services Australian Charities and Not-for-profits Commission Friday 12 April 2019

Current reporting - acnc charities Charity Size Small Medium Large Annual Revenue < $250,000 $250,000 > $1 million > $1 million AIS Required? Yes Financial report? Optional Required Assurance? Review or audit Audit Reporting method Cash or accrual Accrual

Relieving the burden Transitional reporting arrangements temporary Legislative review recommendation: Make transitional arrangements permanent Keep working with remaining States & Territory Australian Accounting Standards Board: revising the financial reporting framework

Is Current Reporting adequate? Donor interest in performance (financial accountability)? Initiatives: Extended External Reporting Integrated Reporting Impact Reporting…. Not required in Australia ACNC see value in exploring impact reporting supplement financial reporting

What’s next? No current framework to support consistent recording, measuring, reporting of impact Your journey on service performance reporting: Tier 3 and 4 – in place Tier 1 and 2 – coming Australia has a lot to learn from you

neighbours Close proximity Far away in our reporting journeys New Zealand can provide insight to Australia