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AASB Outreach: Australian Reporting Framework – Charities (Adelaide)

AASB Outreach: Australian Reporting Framework – Charities (Adelaide) - Has Ended

 20 Nov, 2017 - 20 Nov, 2017
 Mon 10:00am - Mon 12:00pm
 Level 10, 420 King William Street
  Adelaide, SA
  Community
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This AASB Outreach Session aims to facilitate discussion on how to improve the charity financial reporting framework and help participants prepare for submissions to the ACNC legislation review, starting 3 December 2017. The AASB Discussion Paper Possible Options for Improving the Financial Reporting Framework applicable to Charities Registered with the ACNC will be used to generate conversation and discussion around the type and nature of improvements required.

Please come prepared to contribute your experiences, ideas and proposals to the discussion. The sessions will be run as an open discussion of each matter listed below with interactive open discussion. There will be time at the end to discuss matters which may not have been specifically addressed in the items.

Agenda

Welcome and introduction – AASB Chair Kris Peach
Project Overview

1. Case study: You are a new CEO/CFO coming into a charity. What do you need to consider with regard to financial reporting?

  • What do you need to report?
  • Who do you report to?
  • What are the government requirements?

2. What are the key issues with the current financial reporting framework for charities?
What do you identify with the most as an issue that applies to you?

3. What is a good framework? What components make up a good framework? Consider:

  • criteria to determine who reports
  • thresholds representing the criteriatypes of GPFS
  • thresholds to differentiate when to prepare each GPFS.

4. How can the financial reporting framework be improved? 
Do you agree that these will address the issues you’ve identified?

5. What do you think the framework ideally should do?

  • Illustrative frameworks from the Discussion Paper
  • Do you agree with any of the options in their entirety?
  • What elements do you agree or disagree with?

6. Other matters.

Close.

 

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 The Australian Accounting Standards Boardorganiser

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The AASB is an Australian Government agency under the Australian Securities and Investments Commission Act 2001. Under that Act, the statutory functions of the AASB are: to develop a conceptual framework for the purpose of evaluating proposed standards to make accounting standards under section 334 of the Corporations Act 2001 to formulate accounting standards for other purposes to participate in and contribute to the development of a single set of accounting standards for worldwide use and to advance and promote the main objects of Part 12 of the ASIC Act, which include reducing the cost of capital, enabling Australian entities to compete effectively overseas and maintaining investor confidence in the Australian economy.

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