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Accounting Standards and the Implications for the NFP Sector

Accounting Standards and the Implications for the NFP Sector

Sydney

Tuesday, 9 April 2019

08:30 AM - 09:30 AM

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Join us for this breakfast talk with Darryl Swindells, Partner from HLB Mann Judd and Head of Not-For-Profit

 

A NEW ERA OF REPORTING YOUR FINANCES – ARE YOU READY?

 

One of the significant requirements of maintaining registration as a charity, and a significant requirement of other NFP legislation, is financial reporting.

 

Significant changes are about to apply to ALL not for profits, be they charities, associations, membership groups, etc., and these will take some work to make sure that you are ready.

 

Accounting standards on income and revenue

The new accounting standards on Revenue (AASB 15) and Income of Not-For-Profit Entities (AASB 1058) already apply, from 1 January 2019, for any December year ends, and will apply from 1 July 2019 for June year ends.

These Standards might significant change the way you report your income, and therefore work needs to be done now to make sure that you understand the impact and do what you need to do to cater for this.

 

Accounting standard on leases

The Leases Standard (AASB 16) applies for the same time and is likely to have even more impact than the income and revenue standards.

 

Accounting Standards and Financial instruments

What is a financial instrument?  Most NFPs are major financial instrument will be the cash you have invested.

 AASB 9 applies now and may change how you record your investments in your financial reports.

 

Darryl Swindells, HLB Mann Judd’s Head of Not for Profits for Australasia, Audit Partner, and member of the ACNC’s Professional User Group will take you through these new requirements in a very practical way, so that you can do the work required to change whatever systems need to be changed, and change whatever agreements need to be changed, as soon as possible.

 

 

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