29 November 2022
The Australian Accounting Standards Board (AASB) is consulting on the development of simplified financial reporting requirements for smaller not-for-profits, or in the case of co-operatives, non-distributing co-operatives. Learn more about the consultation. If your co-operative or mutual has an income of between $500,000 and $3 million per year and is non-distributing, these changes may apply to you. This is particularly the case if the co-op is a charity registered with the Australian Charities and Not-for-profits Commission (ACNC) as the ACNC requires financial reporting that complies with Australian Accounting Standards for charities with an income over $500,000.
How to get involved
The AASB will run a workshop specifically for co-operatives and mutuals to consult on these proposed changes on Wednesday, 8 February 2023 at 2 pm. This workshop will be most suitable for your finance officer or accountant to attend to make sure they can have input into these important changes. If you/your accountant are unable to attend the consultation on 8 February specifically for co-operatives and mutuals, there are general virtual consultations being held on 7 December, 3 February and 1 March.
The BCCM has previously led work with the AASB to develop an FAQ sheet for AASB staff on co-operatives and mutual enterprises (CMEs) to assist with understanding differences in applying accounting standards to CMEs. Ensuring accounting standards and practices are appropriate to CMEs is vital work to ensuring an enabling environment for CMEs in Australia.
For any further queries please email Linda Seaborn ([email protected]).
Do you have any issues with the proposed simplified reporting requirements that you would like the BCCM to raise on your behalf?
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