The National Standard Chart of Accounts (NSCOA) has been updated and is now available on the ACNC website. NSCOA is a data entry tool and data dictionary for not-for-profits, including charities. MYOB has also been given approval for its accounts and descriptions to be included in NSCOA.
What is the NSCOA?
- provides a common approach to the way not-for-profits record and report accounting information (consistency in accounting categories and terms). This facilitates data comparison and benchmarking across the sector. A common approach means not-for-profits can learn and leverage off the work of each other.
- makes it easier for finance staff and volunteers to service multiple not-for-profits.
- allows not-for-profits reporting in multiple jurisdictions or to multiple departments to apply a consistent approach to preparing financial information.
- reducing the time and cost in preparing financial statements.
- can be changed to suit each not-for-profit’s unique situation. For example, a not-for-profit can add extra accounts, create sub accounts or use cost centre accounting.
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