 Paul McDonald, KPMG
NFP Reporting
Paul spoke about the NFP's role in society and how with the rise of Corporate Social Responsibility in the corporate sector, there is a real opportunity for NFP's to benefit. CSR does however require that organisations move away from a 'compliance mindset' to providing more meaningful disclosures when reporting. Examples of meaningful disclosures were:
1. Performance reporting with a focus on stewardship and measuring outputs
2. Reporting on KPI's to evaluate efficiency and efficacy
3. Recognition of the importance of fund accounting
4. Strong governance i.e. Board process, internal controls and management remuneration
Paul then went on to speak about IFRS issues facing the NFP sector including:
1. Revenue recognition
2. Fair value accounting and
3. Contributions
Finally Paul spoke briefly on recent accounting developments on:
1. The AASB invitation to comment on the reporting entity concept
2. New IFRS standard for SME's
3. Corporations Act amendment to large/small pty company test
4. Treasury Discussion Paper on Unlisted Public Companies
Download Paul's presentation.
Abstract
Regulation of the sector is fragmented and complex. Nowhere is this more apparent than in the regulation of financial reporting by not for profit entities.
There is evidence that transparency in financial reporting and governance of a not for profit organisation can be an important level in raising funds and meeting the organisations’ broader objectives. Paul will discuss some opportunities for organisations to improve the quality of financial reporting and a number of accounting issues that are currently under review by the accounting standard-setting bodies.
About Paul McDonald
Paul is a partner in the Audit Division of KPMG Melbourne and has extensive experience in providing audit and advisory services to ASX listed companies, public sector entities and organisations, both large and small, in the not for profit sector.
Paul’s clients include:
§ Social Services – The Salvation Army; Legacy Victoria, International Social Services (Australia)
§ Heritage – The National Trust of Australia (Victoria); Brighton Bathing Box Association
§ Medical Research – Burnet Institute for Medical Research and Public Health; Ludwig Institute for Cancer Research
§ Children’s Charities – Ronald McDonald House; MyRoom, Charities; The Song Room
§ Public Affairs – Australia-Israel Chamber of Commerce; Institute of Public Affairs
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