The Australian Charities and Not-for-profits Commission (ACNC) recently released a list of its ‘top ten reporting tips’ for 30 June 2015 Annual Information Statements.

Tips for your Annual Information Statement

1. Know your charity size
Make sure you get your size right as it affects reporting obligations. Read more about size.
2. Know your financial report type: general purpose or special purpose financial report 
Read more about the types of financial statements.
3. Will you self-assess as a basic religious charity? Know the requirements 
Most charities that are incorporated cannot self-assess as a basic religious charity. Read more.
4. Check that the financial information you enter is correct 
Don’t mistake cents with dollars or record ‘revenue items’ as ‘other income’. Read more about the financial information.
5. Remember to provide financial information
Don’t forget to provide financial information, even if you did not conduct charitable activities during the year.

Tips for your financial report

Medium and large charities must submit financial reports.

6. Remember to submit your financial reports, including the financial statements
Follow the reporting checklist to make sure you submit everything.
7. Remember the accounting standards for a special purpose financial statement
You need to comply and state that the statement is prepared in accordance with the six mandatory accounting standards.
8. Check you have an accounting policy note and it is correct
In the notes to the financial statements, there must be an accounting policy note that contains adequate accounting policy disclosures. Read more in the relevant accounting standard AASB 101 Presentation of Financial Statements.
9. Check the completeness and quality of the related party disclosures for a general purpose financial statement
Make sure you provide sufficient detail of transactions between related parties and key management personnel compensation.
10. Attach all the required documents

Read more about what you need to submit.

Have you made a mistake?

If there are significant errors in your 2014 Annual Information Statement and/or financial report, contact ACNC at advice@acnc.gov.au to request a resubmission.

Extracted from ACNC’s Quarterly Newsletter, Issue 4, June 2015