Not-for-profit organisations are facing economic challenges as well as increasing expectations from the public on transparency from both financial reporting and operational perspectives.
The increasing demand for services provided by not-for-profit organisations continues in these challenging economic times.
The economic environment has intensified operational challenges, including inflationary pressures and the increasing cost of providing services. The public also expects a higher level of transparency from not-for-profit organisations than before.
Environmental, Social and Governance (ESG) matters have remained in focus over the past 12 months. While a lot of the discussion has been on sustainability and nature-based disclosures centred on the “E” in ESG, not-for-profit organisations already have a strong story to tell in relation to the “S” in ESG.
Local standard setters also continue to be active, working on amendments to accounting standards, reporting requirements, and interpreting and providing guidance in relation to these standards.
Watch the webinar
In this webinar, we discuss:
- the economic environment and what to consider in your response
- tax and regulatory updates relating to the ACNC and ATO
- financial reporting reminders for 30 June 2023
- developments in ESG reporting relevant to the sector.
Tips for 30 June 2023 financial reporting
Consider how macro-economic factors, including their accounting impacts, affect your organisation.
Revisit your going concern assumption and impairment assessment.
Understand the impact of amendments to Australian Accounting Standards and IFRIC agenda decisions.
Be alert to future developments in ESG.
Stay up-to-date with future AASB and ACNC developments.
