As reported in Pro Bono Australia, Alex Malley, CEO of CPA Australia is suggesting that the Accounting Standards for Australian nonprofits don't go far enough, and in fact add to the cost of compliance without reducing the red-tape. Rightly so, Mr Malley notes that the ACNC has yet to bring its regulatory torch to the non-profit sector which are not charities... Estimated to be 90% of the sector.
Mr Malley highlights the importance of financial reports as benefiting directors, donors, and the community, and therefore should be readable and meaningful to these stakeholders, not just regulators and accountants.
There is a need to continue to improve the reporting framework for non-profits, and the glacial speed of change means its never too soon to press for reform.
Thanks Pro Bono Australia for the article: Read in full here