The Not-for-Profit (NFP) sector is continuing to face significant levels of change. It is important for you to stay on top of the latest requirements and understand how they will impact your organisation. There are a number of proposed and upcoming financial reporting and regulatory changes that you should understand as the regulatory space continues to evolve including:
- The Australian Accounting Standards Board (AASB) has released a discussion paper on proposed simplified financial reporting requirements for small to medium NFPs. Whilst these are not final proposals, it is an exciting opportunity for you to help shape financial reporting requirements going forward, to ensure they are fit for purpose.
- The AASB is about to commence a Post Implementation Review (PIR) of the previous changes relating to income for NFPs and control and consolidation in the NFP space to try and further enhance these requirements.
- The ATO have made changes to the self-assessment of income tax exemptions which may mean that you need to take action now.
- Some NFPs in Queensland and Western Australia will benefit from red tape reduction programs to reduce their reporting burden.
Moore information
We appreciate that NFPs are facing a number of regulatory changes. If you need assistance to understand these changes, or in implementing them, please contact your local Moore Australia advisor.