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AASB Outreach: Australian Reporting Framework – Charities

As part of our Australian Financial Reporting Framework project, the AASB released research paper on the current financial reporting requirements for charities.

In November we hosted outreach sessions designed to inform charities and stakeholders and assist them in preparing for the upcoming Australian Charities and Not-for-profits Commission legislative review (commencing 3 Dec 2017). This was a great opportunity for charity stakeholders to have their say and potentially drive a positive change for financial reporting within the sector.

The AASB Discussion Paper Possible Options for Improving the Financial Reporting Framework applicable to Charities Registered with the ACNC encouraged conversation and discussion around the type and nature of improvements required.

The sessions gave rise to discussion addressing the following topics: 

  • What are the key issues for charities in the current framework?
  • What should be the criteria for assessing a good framework?
  • Which charities should be reporting?
  • What is the appropriate number of tiers and what should each of those tiers report?