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NFP simplified accounting requirements: for consultation

Last updated 30 November 2022

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:

For more information on the discussion paper, and the supporting documentation, visit the AASB websiteExternal Link.