Standard Chart of Accounts for NFPs arrives

In March 2010’s Industry Insider, we noted that the Productivity Commission recommended the introduction of a standard chart of accounts that is linked into an XBRL Standard Business Reporting structure.

It was announced following the April 2010 meeting of the Council of Australian Government (COAG) that: “COAG also agreed to additional reforms for the not-for-profit sector, including an implementation plan and governance structure to develop a nationally consistent approach to fundraising regulation, and the adoption of a standard chart of accounts where possible by 1 July 2010.”

The Commonwealth, State and Territory governments have now adopted the new national Standard Chart of Accounts (SCOA) for the not-for-profit sector. The chart of accounts will be used to define the way a government funder asks for basic financial information. The purpose is to make sure that different government funders ask for basic financial information in the same way so that NFPs can report in a consistent format.

Adoption of the SCOA by not-for-profit groups is voluntary. The SCOA was developed by the Queensland University of Technology (QUT) and is available on from the QUT website:  https://wiki.qut.edu.au/display/CPNS/National

For more information on these changes and how they may affect you, contact your usual Grant Thornton advisor.

To download a PDF copy of the October 2010 edition of our Not-For-Profit Industry Insider, click here.