- ED 270 Reporting Service Performance Information – Not for Profits
ED 270 aims to improve performance reporting and promote greater accountability and transparency among Not for Profit entities (NFPs).
Additional reporting requirements will allow organisational stakeholders to assess a NFPs performance. Reporting on key objectives will be required, along with key performance indicators which can be quantitative, qualitative or descriptive in nature.
Implications of ED 270
The disclosure of the following information is outlined in ED 270:
- The inputs used by the entity in delivering outputs;
- The outputs delivered by the entity;
- The outcomes sought to be influenced by that entity;
- The efficiency of an entity in achieving its service performance objectives;
- The effectiveness of the entity in achieving its service performance objectives;
- The total costs of goods and services; and
- The assumptions and methodologies adopted in producing this information.
|Requirements apply to:||• All NFPs that prepare financial reports under Part 2M.3 of the Corporations Act 2001
• NFPs preparing general purpose financial statements
• Public sector entities
|Other reporting requirements or considerations||• Entities should consider whether the indicators are relevant, material, understandable, timely, comparable and verifiable
• The proposed standard advocates for a cost versus benefit approach to be taken in relation to the reporting requirements
• It is imperative that users are able to compare planned against actual performance
• Annual reporting period (may or may not be aligned with financial reporting period)
• The information can form part of the financial report or be presented as a separate report
• There is currently no requirement for this information to be audited
|Commencement||30 June 2018|