If you are a Charity or Not-for-Profit (NFP) there are a number
of financial reporting changes that will impact your annual
information statement (AIS) and financial reporting obligations at
30 June 2022. These are driven by the Australian Charities and
Not-for-Profits Commission (ACNC) 'red tape reduction'
project and also by a drive to increase transparency by
Not-for-profits. There are also minor impacts from the Australian
Accounting Standards Board's (AASB's) new Financial
Reporting Framework. You need to consider and incorporate these
changes in your upcoming financial reports and AISs.
- Increases in reporting thresholds
- Replacement of Reduced Disclosure financial statements with Simplified Disclosures
- Introduction of Key management personnel and related party disclosures for some large charities
- Requirements for directors to obtain a Directors ID.
These changes may have a significant impact on your charities reporting requirements and the preparation of this years financial statements may take additional effort as you implement these new disclosure requirements. If you need any assistance with transitioning to the new Simplified Disclosures financial statements or implementing any of the other changes required by the ACNC please contact your local Moore Australia Advisor.
This article is issued as general commentary - please contact us about your specific circumstances.