The Australian Accounting Standards Board (AASB) have issued a Discussion Paper that proposes a stand-alone accounting standard for smaller non-government NFP organisations (including charities). The Board is also considering removing the ability of these organisations to prepare special purpose financial statements in the future.
It's expected these changes will simplify accounting, improve the comparability and quality of financial reporting, and reduce costs for smaller non-government NFPs.
The Discussion Paper – Development of simplified accounting requirements (Tier 3 Not-for-Profit Private Sector Entities) (PDF 3MB)This link will download a file), is now open for consultation.
You can have your say in a number of ways:
- complete the online survey at https://www.surveymonkey.com/r/AASBTIER3NFPExternal Link
- attend one of the AASB virtual outreach sessions running between now and March 2023; see details and registerExternal Link
- make a written submission via 'Open for Comment'External Link documents, or
- reach out to the AASB directly at email@example.com.
For more information on the discussion paper, and the supporting documentation, visit the AASB websiteExternal Link.Have your say on the AASB Discussion Paper that proposes changes to accounting standards for some NFP organisations.