Federal and State regulators dictate the reporting required of not for profit organisations – and in some situations you might have to report to both a Federal and a State body.
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The External Conduct Standards have been on the cards for some time and were recently passed in Federal Parliament. For many organisations there will be additional reporting requirements.
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When the end of year rush is over, many organisations find themselves with a bit of spare ‘downtime’ over the latter part of December and in early January. This is the perfect time to tackle the finance department’s ‘Odd Jobs’ list.
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The innovative team at AFG like to stay in touch, and ahead of technology. So when the opportunity to work smarter, faster and more efficiently came up … it just made sense to utilise Xero.
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It’s no secret that we love Xero at Accounting For Good. It is our preferred platform because it’s efficient, it’s transparent and it’s easy to use. Its position at the cutting edge of cloud-based technology means things are always evolving – let’s take a look at what’s new…
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It’s that time of year when many not for profits will have completed their audit and received the auditor’s letter detailing adjustments to the accounts and risks they’ve identified. Often, they will recommend process changes to improve controls and generally keep the accounts in good shape.
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Currently, many not for profit CEOs and finance staff are preparing their financial reports for the July board meetings. These reports are anticipated by boards because they tell the financial story of the organisation for a full year and most importantly whether they have over- or under-spent on their budgets.
BUT…the EOFY reports do not tell the whole story. We talk about this in July’s blog.
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Audit requirements for not for profit organisations are driven by a number of factors. There are some common requirements between ACNC, ASIC and the State and Territory regulators, and the requirements vary depending on annual revenue. Click here to see whether your organisation needs an audit … or not.
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