Charities and community groups will welcome the reforms advocated today (Wednesday) by the
Review of Not for Profit Regulation launched by the State Services Authority, according to
Kimberly Smith, chairman of the Australian Not for Profit Network.
Mr Smith claims that the most significant Victorian reform - which would have national, and even
global, impact - is the proposal to develop sector specific accounting standards - designed to make
financial reports of charities and other NFPs more transparent and meaningful to their donors and
users.
Victoria has 36,000 incorporated NFPs which would all be overjoyed if the burden of unnecessary
regulatory compliance was lifted from their shoulders. Volunteer treasurers and bookkeepers who
have given up because of complex accounting rules and unrealistic auditing requirements. Many
thousands of these community benefit organisations search in vain for a qualified accountant or
auditor to assist them.
Mr Smith called on the Federal Government to establish a Charities Commission, like those
operating successfully in the UK and New Zealand. “Australia is falling behind the rest of the
world due to its disregard for the governance and financial reporting needs of the not for profit
sector” he stated.
The Australian Not for Profit Network comprises leading accounting firms throughout Australia
which specialise in the not for profit sector.
.
Kimberly Smith
Chairman
Australian Not for Profit Network Inc
5 Bramley Court
Kew VIC 3101
P: (03) 9817 1655
F: (03) 8610 0336
M: 0414 307 104
E: kim@kcsmith.com.au
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