SINGLE REGULATORY REGIME WOULD BENEFIT ACNC CAUSE
The Australian Charities and Not-for-profits Commission (ACNC) would benefit from a single
national regulatory regime, according to the Institute of Public Accountants (IPA).
“Considering the fact that charities and not-for-profits (NFP) make up 8 per cent of Australia’s GDP, it is important that the ACNC legislation is well supported and regulated,” said IPA chief executive officer, Andrew Conway.
“The IPA believes that the current objectives of the ACNC legislation remain relevant and valid but this would be better supported by a single, national regulatory regimes for registered NFP entities.
“Federal, State and Territory Governments should be urged to pursue a single, national regulatory regime for incorporated associations so that there is a single national register for these entities.
“Further, the Federal Government should work with all stakeholders to ensure a smooth transition from a fragmented regulatory approach to a more holistic regime for NFP regulation.
“To achieve this, the Federal Government should support the work of the AASB and AUASB in the development of a tailored reporting regime for charities and NFPs.
“Information about the governance arrangements and financial performance of all NFPs under this single regulatory regime should be freely accessible in the same manner as they are now under the current ACNC regime.
“We also encourage the Federal Government to consider further research into the governance and financial reporting practices of NFP entities. Such research should include the practices engaged in by NFPs that are regulated in other legislated regimes,” said Mr
These recommendations form part of the IPA submission to the Review of Australian Charities and not-for-profits Commission (ACNC) Legislation. For more detail go to: http://bit.ly/2tY708K