New reporting requirements for Tasmanian incorporated associations

There have been no changes to the financial reporting requirements for charities registered with the Australian Charities and Not-for-profits Commission (ACNC). That is, the Australian Charities and Not-for-profits Commission Act 2012 and the Australian Charities and Not-for-profits Commission Regulations 2013 remain the same. The ACNC have also indicated in their transitional reporting arrangements for 2016 that it will continue to accept financial statements in the format permitted by state and territory regulators, even though they do not comply with ACNC minimum requirements for non-reporting entities (i.e. AASB 101, 107, 108, 1048 and 1054).

From 1 October 2016, Tasmanian associations registered with the ACNC must lodge their annual information statement and financial statements with the ACNC, and no longer with the Commissioner of Corporate Affairs in Tasmania.

Going forward, the ACNC financial reporting requirements will apply to Tasmanian registered associations, and not the requirements (which are few) in the Incorporated Associations Act 1964. For non-reporting entities, this means compliance with the following accounting standards, including comparatives:

• AASB 101 Presentation of Financial Statements
• AASB 107 Statement of Cash Flows
• AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
• AASB 1048 Interpretation of Standards
• AASB 1054 Australian Additional Disclosures.

However, the ACNC has provided transitional relief so that 30 June 2016 financial statements lodged between 1 October and 31 December 2016 with them can comprise what would have been lodged if they were lodged with the Commissioner of Corporate Affairs in Tasmania. The 2017 financial statements must comply, as a minimum, with AASB 101, 107, 108, 1048 and 1054, but no comparatives are required – and for 2018, full comparatives are required.