Charities financial reports show significant errors
Thousands of charities are being contacted by the Australian Charities and Not-for-profits Commission (ACNC) due to significant errors in their financial reporting. The ACNC have highlighted that significant errors have been located in many charities’ 2014 Annual Information Statements or Annual Financial Reports.
The ACNC has asked that charities correct the errors as soon as possible to ensure that accurate information is readily available to the public on the Charity Register.
The errors will not attract penalties; however it is important that the mistakes are rectified as soon as possible.
As part of the 2014 Annual Information Statement, charities were required to report their financial information, with medium to large charities required to prepare separate annual financial reports.
Common mistakes have been identified by ACNC as miscalculated totals and errors stemming from charities rounding financial figures to the nearest thousand. Charities identified as having made significant errors will be contacted by ACNC or the Centre for Social Impact, prompting the charity to review and correct the reported financial information.
ACNC has compiled a list of top 10 tips for reporting financial information; you can view this list here.
For more information, contact:
Ashleigh Wall
Senior Associate
T: 03 5226 8559
E:awall@harwoodandrews.com.au
Dianne Sisak Penjalov
Senior Associate
T: 03 5226 8582
E: diannes@harwoodandrews.com.au
Ella Vines
Graduate Lawyer
T: 03 5225 5216
E: evines@harwoodandrews.com.au