Commonwealth (Cth) - Corporations Act 2001.Australian Capital Territory (ACT) - Associations Incorporation Act 1991.The primary legislation for each jurisdiction is: Each jurisdiction has different legislation, regulations, model rules and/or constitutions which relate to the formation requirements of NGOs. There is also reference to the relevant legislation items both nationally and state based. There are references to the Australian Accounting Standards (and by default, IFRS) and these references are as included on the Accounting Standards Board website in June 2010. This design is suggested to report in the “flattest” form for acquittal to departments and may be collated to meet the reporting requirements of internal management, the organisation and other various stakeholders. Many organisations make acquittals to several departments and consensus prevailed with the alphabetical approach as most acceptable and flexible. This approach accommodates the multiple categories that any organisation may encounter especially in respect of acquittals to government agencies. The overall numbering system follows a generally accepted principles approach of Assets = 1, Liabilities = 2 etc.Įxpenses are not further classified but rather included in an alphabetical order. It is guided by a number of commercially available accounting packages and all accounts mentioned will not be required by all organisations that use the chart. In turn, this allows government departments to aggregate and compare financial data for policy development and administration costs are significantly reduced in both the government and not-for-profit (NFP) sectors. This NSCOA provides a consistency in accounting categories and terms used within NGOs. Some organisations have other requirements which require expansion into sub accounts for extra items and use of cost centre accounting for organisational projects and programs (both funded and unfunded). It has become apparent that others may find NSCOA of benefit, especially in the use of the data dictionary.Ī number of medium to large organisations have taken the data dictionary as a guide for their charts of accounts, have modified it to suit and, where appropriate, have added extra accounts that are not defined in the NSCOA. The initial design was for those small to medium non-government organisations (NGOs) which receive government funding without the benefit of internal professional participation. This National Standard Chart of Accounts (NSCOA) and Data Dictionary are designed as a tool to help non-profit organisations, and funders (including government departments and agencies).
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