Accounting and Audit for Not-for-Profit Entities (NFPs) Series

Pricing

Individual	Member	Non-member
Single Session	$165.00	$187.00
Series (5 sessions)	$743.00	$842.00

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Accounting and Audit for Not-for-Profit Entities (NFPs) Series

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Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 1
Thursday 24th May 2012, 12:00 to 2:00pm (AEST)
Recording Expiry Date: 17 December 2012

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Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 2
Thursday 31st May 2012, 12:00pm to 2:00pm (AEST)
Recording Expiry Date: 17 December 2012

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Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 3
Thursday 7th June 2012, 12:00pm to 2:00pm (AEST)
Recording Expiry Date: 17 December 2012

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Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 4
Thursday 14th June 2012, 12:00pm to 2:00pm (AEST)
Recording Expiry Date: 17 December 2012

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Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 5
Thursday 21st June 2012, 12:00pm to 2:00pm (AEST)
Recording Expiry Date: 17 December 2012

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***Disclaimer: With the progress of the Australian Charities and Not-for-Profits Commission (ACNC), some of the content in Session 1 may no longer be relevant after 1 October 2012***

The not for profit (NFP) sector is made up of almost a quarter of a million organisations including charities, churches, sporting organisations, community organisations, co-operatives, trade unions and associations, all of whom will be impacted in some way by the wave of reform likely to impact the sector.

This series will include:

• Progress of the Australian Charities and Not-for-Profits Commission (ACNC) Implementation Taskforce in relation to implementation of the ACNC from October 2012
• How those in non-profit organisations can simplify their FBT and salary packaging arrangements
• How to deal with NFP accounting requirements in relation to GST
• Broad overview of financial reporting requirements for NFPs, including government grants, revenue recognition and measurement of contributions.
• Audit issues for NFPs including fundraising, standard opinions, acquittals and potential impacts resulting from AASB 1053, ED212 and ED214.

Session 1 - NFP’s regulatory update – Simon Hancox & Elizabeth Lucas

***Disclaimer: With the progress of the Australian Charities and Not-for-Profits Commission (ACNC), some of the content in this session may no longer be relevant after 1 October 2012***

NFP Reform is here with the establishment of the Australian Charities and NFP Commission with effect from October 2012. There are as many as 700,000 NFP organisations in Australia, whom will be impacted in some way by the wave of reform likely to impact the sector. To date there have been a number of regulatory discussion papers which have been released to formulate policy decisions.

This practical review will cover up to the minute analysis of the regulatory reforms, including:

• Overview of the reform process
• Key implementation dates
• Summary of key changes and proposals likely to impact NFPs including registration, governance, reporting and taxation.

 

Session 2 - FBT for NFPs – Elizabeth Lucas                                     

Learn how those in non-profit organisations can simplify their FBT and salary packaging arrangements, whilst simultaneously achieving the best outcomes for their organisation and staff. Elizabeth will cover such issues as:

• FBT rebates and exemption thresholds available for different types of non-profit entities including public benevolent institutions (PBIs)
• Requirements to access FBT exemptions and concessions
• Salary packaging in a non-profit environment – latest trends including what to offer (in particular, exempt benefits), what not to offer, and how to offer cars the easy way
• Car benefits – tips and how to avoid common errors
• Living away from home allowances (LAFHAs) – latest developments, who qualifies, what can be provided and how to provide LAFHAs relating to prior periods.

 

Session 3 –GST for NFPs – Katerina Siamatas

This interactive session will review the GST requirements for NFPs.

The session will use practical case studies and examples and cover:

• How to account for GST
• How to determine the liability of a supply?
• When is a supply by a NFP
• GST-free
• input-taxed
• Taxable
• Outside the scope?
• General reliefs/concessions
• Maximizing GST reliefs.

 

Session 4 - Accounting for NFPs, including grants and contributions – Andrew Archer

This interactive session will review the accounting requirements for NFPs specifically in the area of Government grants. The session will use practical case studies and examples and cover:

• Overview of financial reporting requirements, including regulatory changes
• Best practice accounting
• Requirements of AASB 1004 Contributions
• Revenue recognition and measurement of contributions in accordance with the standards
• Determination of appropriate revenue recognition policies
• Differentiation of ‘reciprocal’ and ‘non-reciprocal grants’
• Conditions that must be satisfied before grant revenue is recognised in the income statement
• How to disclose government grants in the financial report.

 

Session 5 - Audit for NFPs covering fundraising, standard opinions and acquittals - John Gavens

This session focuses on the NFP sector emphasising the issues around accounting for fundraising revenue, acquittal audits, and the types of opinions that can be provided by auditors. In addition it covers the future impacts of financial reporting of NFPs and potential audit impacts as a result of the implementation of the following:

• AASB 1053 Application of Tiers of Australian Accounting Standards
• The associated ED 212 Application of AASB 1053 Tier 2 Disclosures to Not-For-Profit Entities within the General Government Sector
• ED 214 Extending Related Party Disclosures to the Not-For-Profit Public Sector.

Session Includes:

All delegates will recieve a copy of the presentation and any handouts.

Who should attend:

Those working for, or advising, not-for-profit entities such as charities, churches, sporting organisations, community organisations, co-operatives, trade unions and associations.

CPE Hours

Earn 2 CPE hours per session or 10 CPE hours for the full series.

This series includes the following sessions

Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 1

Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 2

Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 3

Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 4

Accounting and Audit for Not-for-Profit Entities (NFPs) Series- Session 5