Non-Profit News Service No. 0377 - Introduction of new regulatory framework for the not-for-profit sector
On 17 May 2012, the Assistant Treasurer and the Minister for Social Inclusion announced that not-for-profit sector reforms will be staged to allow organisations to transition to the new regulatory framework.
As previously announced, the Australian Charities and Not-for-profits Commission (ACNC) will commence operations from 1 October 2012. Charities that come under the initial phase of ACNC regulation will not be required to comply with the new governance standards and financial reporting framework until 1 July 2013. The first financial reports for medium and large registered entities will now fall due after 1 July 2014.
As part of this staged approach the governance standards and the financial reporting framework will be implemented after public consultation to enable sector participants to provide their input and views.
Some extracts from media release No. 032 are included below:
'… this staged approach will help the sector transition to the new arrangements and provide additional time for consultation.'
'As the governance standards and the financial reporting framework are finalised, the ACNC will work with the sector and provide guidance and information to help charities transition to the new regulatory framework - providing plenty of time for the sector to develop an understanding of the changes before they start to apply.'
For more information about the reform agenda, visit the Treasury website.
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