Updated NFP financial reporting guide from Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand recently issued its updated financial reporting guide for not-for-profit entities (NFPs), Enhancing not-for-profit annual and financial reporting (Fifth edition).

The guide includes practical guidance on best practice reporting by NFPs. In addition to corporate governance matters, the guide also includes a useful summary of financial reporting requirements for different types of NFPs (e.g. whether reporting under Corporations Act 2001 or the Australian Charities and Not-for-profits Commission Act 2012) as well as example financial reports.

We recommend that you refer to this guidance when preparing annual and financial reports for NFPs.

This publication has been carefully prepared, but is general commentary only. This publication is not legal or financial advice and should not be relied upon as such. The information in this publication is subject to change at any time and therefore we give no assurance or warranty that the information is current when read. The publication cannot be relied upon to cover any specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact the BDO member firms in Australia to discuss these matters in the context of your particular circumstances.

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