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ARTICLE · 28 JUNE 2022

Charity and NFP financial reporting changes

Moore Australia
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Charities & NFPs face a number of changes that will impact the AIS and financial reporting obligations.

AustraliaCorporate/Commercial Law
Kristen Haines
Kristen Haines
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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.
They include:

  • Increases in reporting thresholds
  • Replacement of Reduced Disclosure financial statements with Simplified Disclosures

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