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Public consultation open for ACNC governance and financial reporting drafts

Candice de Chalain December 18, 2012

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As part of the next step to implement an effective and dedicated regulatory framework that is suited to the needs and expectations of the not-for-profit (NFP) sector, the Australian Charities and Not-for-profits Commission (ACNC) has released the following two drafts for your feedback.

Draft governance standards

The draft governance standards are intended to reflect a minimum set of basic governance outcomes for charities registered with the ACNC, whilst providing NFPs with flexibility to determine how they achieve these outcomes in the context of their organisation’s particular circumstances.

“The draft governance standards cover six topics, including the purposes and NFP nature of charities, accountability to members, compliance with Australian laws, responsible management of financial affairs, and suitability and duties of those who manage charities,” says Assistant Treasurer David Bradbury MP.

“The development of the draft governance standards has been closely informed by input from the NFP sector and governance experts, including a stakeholder roundtable held in mid-November to seek feedback from stakeholders on the scope and content of the draft governance standards,” says Minister for Social Inclusion Mark Butler MP.

Draft financial reporting framework

The draft financial reporting regulations explain the content requirements for financial reports lodged with the ACNC.

The draft proposes to significantly expand the range of individuals able to conduct a review of medium-sized registered charities, which is expected reduce on-going compliance costs.

The Office for the Not-for-Profit Sector within the Department of the Prime Minister and Cabinet will also administer an online forum on www.notforprofit.gov.au to facilitate discussion.

How to participate in the consultation process

Those interested are encouraged to participate in the consultation process.

The governance consultation paper and proposed financial reporting regulations are available at Treasury website, together with information on how to make a submission.

Consultation will remain open until 15 February 2013.