The not-for-profit sector includes higher education providers, TAFEs, charities, and federal, state and local governments.
Not-for-profit entities are increasingly wanting to modernise their finance functions to meet current and future needs. We’ve outlined areas of interest for not-for-profit entity finance teams to better anticipate and prepare for change.
There are similarities between the profit and not-for-profit sectors regarding financial reporting. However, there are nuances to how financial reporting rules are applied that will particularly affect the not-for-profit sector.
The new leasing standard will gross up the balance sheet and change the income statement and cash flow statement. The implications for not-for-profit entities could range from changes in net debt (as all leases are on balance sheet) to increased stakeholder awareness of the change in income statement profile.Find out more
The related party standard will be in scope for not-for-profit entities from 1 July 2016. The impact will vary depending on the entity’s existing level of disclosures required outside of Australian accounting standards; for example, directives from State or Territory Departments and the Federal Government.Find out more
The AASB has completed its long standing public sector project on accounting for service concessions. For the first time in Australia there will be authoritative accounting guidance for public sector entities that grant concessions to private sector operators for the delivery of specified public services.Find out more
There is increasing interest within not-for-profit entities to review existing finance functions and ensure they are fit for purpose and modernised to meet their changing needs.
Not-for-profit entities are following the trend of ensuring their financial reports tell their story. Over the next 12 months we are expecting more not-for-profits to make improvements to their financial reports and increase transparency.Find out more
There are short-term and long-term strategies to prepare for changes in finance teams. This document explores how not-for-profit entities can prepare for change and adapt.Find out more
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