AUSTRALIAN CHARITIES BURDENED BY ACCOUNTING RED TAPE SAYS REPORT
November 1st, 2017Australian charities are burdened with overly complex and inconsistent financial reporting rules according to the Australian Accounting Standards Board (AASB). A board report says that this sector, which earns AUD134 billion annually, are covered by 18 sets of regulations and 10 regulators at federal and state level. The AASB said: “Very little of that regulation is consistent and much of it involves different reporting thresholds and requirements.” http://www.aasb.gov.au/admin/file/content102/c3/AASB_RR_05_10-17.pdf
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