Tuesday 12 December 2023


12:00 pm


1.5 CPD Hours

Session Topic

Latest NFP and ACNC developments and insights

There are more than 600,000 not-for-profit entities in Australia. It is important for preparers and auditors to know about recent developments so that risks are identified and managed. NFPs are exposed to risks such as wages underpayment, fraud, and cyber-attacks.

The AASB is continuing to progress the third tier. Hear the latest.

The Australian Charities and Not-for-profits Commission’s legislation and activities affect registered charities. Many in the NFP sector view ACNC requirements as best-practice, and issues faced by some charities often have relevance for other NFPs. Let’s see what we can apply.

New ATO reporting requirements came into effect on 1 July. They require non-charitable NFPs to lodge an annual return. Hear about them.

Two NFP bulletins were issued by the AUASB. How do they affect audits and clients?

This session will focus on:

  • Compliance risks, such as wages underpayment and fraud
  • The AASB’s third-tier reporting standard
  • Recent ACNC activities – related parties, ninth edition of the Australian Charities Report, the ACNC corporate plan, insights from the ACNC annual report, cyber-crime, and cryptocurrency
  • ATO reporting requirements – organisational details, income-tax exemption eligibility, and summary and declaration, and
  • AUASB bulletins – What not-for-profit entities need to know about the differences between an audit or review and Auditing Fundraising Revenue of Not-for-Profit Entities in a Digital Age.


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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.


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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).