For Impact is HLB Mann Judd’s regular newsletter for the not-for-profit community.
In Issue 22 we address NFP governance updates, compliance, ACNC activities, financial reporting insights, fundraising and deductible gift recipients & audits.
A summary of the key points:
NFP Governance updates
Key points include:
- COVID-governance report released
State and territory NFP regulators have issued a statement about the enforcement approach they will take in the light of COVID-19. - New guidance on reporting COVID-19 impacts
The Australian Institute of Company Directors, Chartered Accountants Australia and New Zealand and CPA Australia have joined to publish guidance on the disclosure and reporting of COVID-19 impacts.
Financial Reporting insights
Key points include:
- Wage underpayment FAQs
Wages underpayment has become a pressing issue in the Australian economy. Several large businesses have admitted to having (often inadvertently) underpaid staff. - AASB answers government- support intricacies
Governments are supporting businesses significantly affected by the pandemic. - FAQ on NFPs’ concessionary loans
A new AASB staff FAQ focuses on accounting for concessionary loans, investigating the interaction between AASB 1058 Income of Not-for-Profit Entities and AASB 9 Financial Instruments.
ACNC news
Key points include:
- Charity register improvements
Charities have the opportunity to showcase their work to donors, supporters and the broader public with the release of 2020 annual-information statements. - ACNC focuses on DGR reforms
Reviewing deductible-gift-recipient reforms is a notable focus of the ACNC’s 2020-21 corporate plan. - Red tape reduced
An ACNC objective is to ‘promote the reduction of unnecessary regulatory obligations on the Australian not-for-profit sector’.
Government updates
Key points include:
- Fundraising reforms to aid VIC charities
The Victorian government has passed Consumer Legislation Amendment Act 2019, which made important changes from 31 August to the state’s Fundraising Act 1998. - Queensland co-operatives legislation revised
Queensland has adopted the Co-operatives National Law (CNL), replacing counterpart legislation that had existed since 1997. - Major fundraising reforms cut WA red tape
Major reforms by the ACNC are lifting the red-tape burden on Western Australian charities