The Australian Charities and Not-for-profits Commission Amendment Regulation 2013 (No 3) was registered on Mon 17.6.2013. It amends the Australian Charities and Not-for-profits Commission Regulation 2013 to specify the requirements for annual financial reports for the 2013-14 financial year and later years. The amending regulation commences Tue 18.6.2013.
Section 60-10 of the Australian Charities and Not-for-profits Commission Act 2012 requires medium and large entities registered with the ACNC to provide the Commissioner with annual financial reports. The requirements set out in the Regulation for the annual financial report consist of the following 3 elements:
(i) the financial statements for the year;
(ii) the notes to the financial statements; and
(iii) the declaration made by the responsible entities about the financial statements and the notes.
The financial statements and notes, in most cases, need to comply with some or all of the accounting standards issued by the Australian Accounting Standards Board (AASB).
To assist those registered entities that are not currently required to comply with accounting standards, the Regulation also provides transitional arrangements so that instead of applying the accounting standards for the 2013-14 financial year, entities eligible for these transitional arrangements generally only need to include in their financial report, the financial information proposed to be included in the 2014 annual information statement (which all registered entities will be required to lodge for the 2013-14 financial year under s 60-5 of the Act).
[LTN 114, 17/6/13]