Post by Chartered Accountants Australia and New Zealand

A significant milestone for the not-for-profit sector. 📢   The Australian Accounting Standards Board (AASB) has issued a new Tier 3 reporting standard introducing simpler, more practical requirements for general purpose financial reporting, replacing special purpose reporting for many NFPs.   This outcome reflects years of engagement with members and stakeholders. The feedback helped drive meaningful simplifications -particularly in areas like consolidation, leases and revenue, ensuring the reporting is workable in practice.   The focus now shifts to implementation. Clear and consistent scope of application from regulators across jurisdictions will be critical to making this reform successful.   A strong reminder of the value of practitioner insight in shaping reforms that serve the public interest and work on the ground.   Read more here: 👉 AASB releases Tier 3 accounting standard for not-for-profits | CA ANZ: https://caanz.com/bhv 👉 Member expertise helps shape workable Tier 3 reporting reform for not-for-profits: https://caanz.com/72p   #CAANZ #DifferenceMakers #NFP