Why Charities and NFPs Need Accountants


Accountants are steering Australia's not-for-profit (NFP) sector through tighter reporting requirements and looming changes in reporting standards, according to CPA Australia, one of the world's largest accounting bodies.

Reporting by charities and not-for-profit (NFP) entities is a different proposition to reporting in the for-profit corporate world, but the good work of Australia's 54,000 charities and the much larger and diverse NFP sector draws many accountants to the sector.

"Quite often, the focus of a charity/NFP is purely on its mission, and it's not necessarily focused primarily on the accountability or reporting that has to be completed to us," according to CPA Mel Yates, director of reporting and red-tape reduction at the Australian Charities & Not-for-profits Commission (ACNC).

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