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9 Nov. 2017

AASB Discussion Paper: Improving Financial Reporting for Australian Charities

Review of the ACNC legislation commences after 3 December. This is a tremendous opportunity for charity stakeholders to have their say on how to improve financial reporting in their sector.

As outlined in the AASB media release Charity reporting regime – not a level playing field (23 October 2017), the current framework is neither fit-for-purpose, nor a level playing field. Australian charities are covered by at least 18 sets of regulation and ten regulators (federal and state level) with some charities required to answer to more than one regulator. This results in a high level of complexity, inconsistency and duplication of reporting requirements.

This AASB Discussion Paper presents options to improve the financial reporting framework that are intended to be talking points (rather than recommendations) for charity stakeholder discussion that will feed into the ACNC legislative review. The paper presents options to improve the financial reporting framework and is intended to be a basis for charity stakeholders.

The AASB is undertaking extended Discussion Forums during the six-month review period, the first of which is planned for this month. Further information