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.