For Impact is HLB Mann Judd’s regular newsletter for the not-for-profit community.
In Issue 24 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:
- Royal Commission report calls for reform of the aged-care system
The final report of the Royal Commission into Aged Care Quality and Safety Care, Dignity and Respect has called for fundamental reform of the aged-care system. - Prudential-regulation and financial-oversight recommendations
A closer look into the latest prudential-regulation and financial-oversight recommendations.
Financial Reporting insights
Key points include:
- Financial reporting thresholds for ACNC charities to increase
The Council on Federal Financial Relations has asked that a framework for increasing harmonised financial reporting thresholds for charities registered with the ACNC be announced by 30 June 2021. - Charities filing incomplete financial reports
The ACNCs annual review of almost 300 medium and large charities’ financial reports has revealed that almost a third of them were incomplete.
ACNC news
Key points include:
- ACNC releases best-practice disclosures guide
The ACNC has published a new best-practice guide for charities reporting on government revenue they receive. - Charity-activity bans to broaden
Changes to the ACNC’s governance standard 3 will expand banned activities for registered charities.
Fraud & Ethics updates
Key points include:
- Steps towards minimising fraud released
The Institute of Internal Auditors-Australia has released 11 steps towards minimising fraud and corruption risks. - New guidance on whistleblowing released
The Accounting Professional & Ethical Standards Board has released new guidance to support accountants dealing with whistleblowing and related
confidentiality concerns.
Compliance updates
Key points include:
- ASIC adopts 'no-action position'
The Australian Securities & Investments Commission has temporarily adopted a ‘no-action’ position on convening and holding virtual meetings. - AAT upholds ACNC ruling
An Administrative Appeals Tribunal decision has endorsed the ACNC’s approach to determining charities’ eligibility for registration as public benevolent institutions.