A few key Australian Accounting Standards are changing and are mandatory for NFPs for reporting periods beginning on or after 1 January 2019. This is a year later than for other entities but NFPs can choose to ‘early adopt’ and Accounting For Good has already done our first implementation for a client. Keep reading to hear about how we navigated the changes!
We are excited to have more lovers of the non-profit sphere joining our team. Click below to read a little more about them.
No audit adjustments is one of our aims at Accounting For Good - we can’t always achieve it as sometimes there are items that were truly unexpected but we know that with good planning, communication and reporting it is possible to have no auditor adjustments. Let’s tackle some of the potential surprises mentioned in our July article.
Currently, many non-profit CEOs and finance staff are preparing their financial reports for the July board meetings. These reports are anticipated by boards because they tell the financial story of the organisation for a full year and most importantly whether they have over- or under-spent on their budgets.
BUT...the EOFY reports do not tell the whole story. We talk about this in July's blog.
Audit requirements for not-for-profit organisations are driven by a number of factors. There are some common requirements between ACNC, ASIC and the State and Territory regulators, and the requirements vary depending on annual revenue. Click here to see whether your organisation needs an audit…or not.