Tuesday 6th October 2015
Duration: approx. 1 hour
With charities and NFPs representing such a large part of the Australian economy, their unique financial reporting problems continue to be preoccupy their accountants as well as their advisers and auditors. The uncertainty over the ACNC just adds to the complications. This presentation examines some of the reporting issues peculiar to NFPs and charities including:
- To whom should charities and NFPs report – continuing uncertainty over the ACNC
- companies limited by guarantee
- other bodies
- Revenue recognition and grants –
- matching revenue with expenditure
- terms of grant
- recurrent vs non recurrent
- AASB 1004 vs new revenue standard
- What we can expect with new revenue standard for NFPs and charities – will the problem be resolved?
- Controls over cash donations
- Controls over other cash activities
- Accounting for donated goods – goods close to use by date – audit judgments on values
This webinar is suitable for accountants and executives working for not for profits and charities – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.
Live webinar delegates will receive a CPD certificate for attendance at this webinar. Accountants can claim up to 1.5 CPD/Training hours. This webinar has been designed to run for 1.5 hours, however, webinar lengths can vary depending on the level of questions and discussion, and the minimum length of the webinar is 1 hour.
Presented by Keith Reilly, Financial Reporting Consultant & Lecturer, Macquarie University, Sydney
Keith Reilly is a financial reporting consultant and covers accounting, auditing and ethical standards, as well as governance and regulatory issues. He has some 40 years’ experience in the financial reporting field, most recently (July 2013) being the National Head of Professional Standards at Grant Thornton Australia, and a member of Grant Thornton’s International Public Policy Group, Independence Working Group, and IFRS Committee.
He was previously the technical director and advisor for the Institute of Chartered Accountants in Australia, and has also worked with the Australian Securities Regulator (ASIC), been an advisor to a major institutional Australian stock broking firm, and a former Research Director and Auditor for two Australian Big 4 audit firms.
Keith consults, writes and lectures extensively on financial reporting issues. He is a former member of the Australian Accounting Standards Board’s Urgent Issues Group and a member of the Accounting Professional and Ethical Standards Board’s Code of Ethics Taskforce.