PSSST: Have you heard? Not for Profit Entities Sept. 6, 2013
There are changes on the horizon for not for profit entities. Various criteria will determine your reporting requirements effective the 2015 financial year. A tier system has been created to assist you in determining the extent of disclosure requirements for financial reporting.
But why the changes? The aim is to improve the quality of financial reporting in registered charities.
Who will it affect? Until now, there has been no legislation governing the way charities report their financial information. It is anticipated that all registered charities will now have to report in accordance with specific standards, which are more onerous the larger the numbers involved.
We will update this website with more detailed information as it comes to hand. However if you have any queries in the meantime please contact your JSA Audit advisor.