Media Release

Institute releases updated reporting tool for not-for-profit sector

To help the not-for-profit (NFP) sector produce annual reporting information that meets the needs of stakeholders, the Institute of Chartered Accountants in Australia (the Institute) has released the third edition of its reporting tool, Enhancing not-for-profit annual and financial reporting.

The paper provides guidance and resources for NFP entities on the most transparent way of reporting their annual and financial obligations.

Since the second edition of this publication was released in March 2009, the Institute has recognised three significant regulatory changes which affect the nature and extent of NFP financial reporting, and these are all reflected in the guidance offered in the publication.

“The NFP sector makes a significant contribution to the Australian economy. This tool has been produced to support our many members who work in the sector, often in a voluntary capacity,” the Institute’s Head of Reporting Kerry Hicks said.

The Institute launched the publication at the PwC Transparency Awards held Wednesday 13 April, 2011. The PwC Transparency Awards are presented in collaboration with the Institute and the Centre for Social Impact (CSI), and recognise the quality and transparency of reporting in the NFP sector.

The Awards were split into three categories. The winner in the revenue >$20 million category was Mission Australia, and Camp Quality received the award in the category $5 million to $20 million revenue. Plan International was recognised for the ‘Most Improved Award’, showing the most significant improvement in the quality and transparency of its reporting from the prior year submission.

Article last Updated 14 April 2011