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Reduced Disclosure regime
The preparation of general purpose financial reports in order to increase consistency and transparency whilst maintaining the relevance of these reports by reducing unnecessary disclosures.
There are four key cycles (or systems) that work together to drive financial reporting in almost every business.
Key controls - Payroll
Payroll related costs commonly represent a significant part of the total costs of any business. The payments made are usually large and therefore present a set of unique risks.
Key controls - General journals
The general journal cycle is a unique system which differs significantly from the revenue, expenses and payroll cycles.
Associations Incorporation Reform Act 2012 (Vic.)
A series of changes in an effort to reduce red tape for community organisations. Many of the amendments had immediate effect but others had deferred commencement times.
The ACNC online charities register is now running. The register is being updated from information supplied by charities.
Cutting red tape for community organisations
The previous Victorian State Government implemented a programme to reduce red tape for not-for-profit community organisations to streamline organisations interaction with government.
New audit requirements
New audit standards, bringing Australia into line with international audit standards, is designed to maintain public confidence in the audit process.