This page contains resources to guide you through the financial reporting requirements when dealing with not-for-profit entities.
Resources
Corporate Reporting Insights
BDO's monthly newsletter, Corporate Reporting Insights, keeps you up to date with the latest Australian and global developments in corporate financial and sustainability reporting.
Regulatory requirements (ACNC act, etc.)
- Special purpose financial statements to be scrapped for NFPs but simplified accounting is in the pipeline (November 2024)
- More decisions about the Tier 3 financial reporting framework for private sector not-for-profit entities (NFPs) (September 2024)
- New consolidated entity disclosure statement for not-for-profit entities (June 2024)
- Reminder: Charities to disclose related party information in special purpose financial statements (June 2024)
- More decisions about the Tier 3 financial reporting framework for private sector not-for-profit entities (NFPs) (June 2024)
- Update on proposed Tier 3 financial reporting framework for private sector not-for-profit entities (NFPs) (March 2024)
- Update on proposed Tier 3 financial reporting framework for private sector not-for-profit entities (NFPs) (December 2023)
- Do you need to track your related party transactions? (October 2023)
- Large charities to disclose key management personnel (KMP) compensation (July 2023)
- Next steps for Tier 3 not-for-profit private sector financial reporting (May 2023)
- Building a strong not-for-profit through sponsorship, digital transformation, and governance (December 2022)
- Simplified accounting for private sector not-for-profit Tier 3 entities (November 2022)
- AASB seeks feedback on its proposals for simplified accounting requirements for Tier 3 not-for-profit private sector entities (October 2022)
- AASB makes decisions about fair value measurement by not-for-profit public sector entities (October 2022)
- Post-implementation review of accounting for service concession arrangements by grantors (AASB 1059) (October 2022)
- AASB a step closer to a new Tier 3 NFP private sector financial reporting framework (August 2022)
- ACNC extends reporting deadlines for flood-affected charities (July 2022)
- ACNC guidance - Who is a related party? (June 2022)
- ACNC publishes guidance for disclosing key management personnel remuneration and related party disclosures (April 2022)
- Director Identification Number (ID) requirements for not-for-profit entities (December 2021)
- Should portable long service leave provisions be recognised on a gross or net basis? (December 2021)
- Chartered Accountants Australia & New Zealand (CAANZ) NFP guide now available (December 2021)
- How do we determine if a charity is small, medium or large for financial reporting purposes? (November 2021)
- Exposure draft proposes increased reporting thresholds for ACNC registered charities for years ending 30 June 2022 onwards (October 2021)
- Fewer charities required to prepare financial reports in future (July 2021)
- Accounting for portable long service leave in the community services sector (May 2021)
- No changes to NFP definition and guidance (May 2021)
- Proposals to increase reporting thresholds for charities (March 2021)
- ACNC’s best practice financial report disclosures – start the new year on the right foot (February 2021)
- New governance principles and guidance for not-for-profit entities (NFPs) (February 2019).
Tier 2 entities (simplified disclosures)
Public sector entities
AASB 1058 & AASB 15
- Accounting for discounted and in-kind inventories received by not-for-profit entities (November 2024)
- Accounting for volunteer services by private sector not-for-profit entities (August 2024)
- Have your say on NFP accounting – income recognition, control, related party disclosures and more (March 2023)
- How should not-for-profit entities account for non-refundable upfront fees? (May 2022)
- Proposals to clarify some aspects of income and revenue recognition by NFPs (February 2022)
- NFPs – Disclosures about revenue and income – more than you bargained for (Part 2)? (July 2021)
- Income and revenue recognition for NFPs – are changes on the horizon? (July 2021)
- NFPs – Disclosures about revenue and income – more than you bargained for? (June 2021)
- Accounting for accrued income on partially performed grant activities under AASB 1058 (November 2020)
- NFPs – Accounting for concessionary loans – AASB issues Staff FAQ (September 2020)
- NFPs – Grants to NFPs to transfer research findings to a customer – Timing of revenue recognition revisited (April 2020)
- NFP'S - More examples of 'sufficiently specific' performance obligations under AASB 15 (March 2020)
- How to recognise income when NFP's receive a grant to acquire or construct a non-financial asset? (February 2020)
- AASB 1058 and AASB 15 deferred for research grants (Accounting News - December 2019)
- AASB issues new FAQ to assist determining whether there are sufficiently specific performance obligations under AASB 15 for a research grant (November 2019)
- NFPs – Time to start reviewing grant contracts to determine if there are any ‘sufficiently specific’ performance obligations (October 2019)
- NFPs – Refund obligations are not automatically ‘sufficiently specific’ performance obligations under AASB 15 (September 2019)
- NFPs - Allocating the transaction price to performance obligations under AASB 15 (August 2019)
- Grants to NFPs to transfer research findings to a customer – Does AASB 15 or AASB 1058 apply? (July 2019)
- Grants to NFPs to transfer research findings to a customer - Does AASB 15 or AASB 1058 apply? (June 2019)
- Grants to NFPs to transfer a licence to a customer – Does AASB 15 or AASB 1058 apply? (May 2019)
- Grants to NFPs to deliver intellectual property (IP) to a customer – Does AASB 15 or AASB 1058 apply? (April 2019)
- AASB issues two new FAQs on how schools recognise income from waiting list fees and enrolment fees (March 2019)
- How to identify ‘sufficiently specific’ performance obligations when assessing whether AASB 15 or AASB 1058 applies (February 2019)
- How will the new revenue standard (AASB 15) impact NFPs? (November 2018)
- AASB approves Implementation Guidance for Not-for-Profit Public Sector Licensors (October 2018)
- New standard on income recognition for not-for-profit entities (February 2017).
Leases
- Great news for NFPs re peppercorn leases (April 2022)
- NFPs - Lessee disclosures required even if you only have peppercorn leases measured at ‘cost’ (August 2020)
- AASB clarifies what is meant by 'class of ROU asset' for concessionary (peppercorn) leases (February 2020)
- Deferral of fair value requirements for peppercorn leases approved by AASB (February 2019)
Code
Code