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The Standard Chart of Accounts - A key discussion item in recent Government reports

06 January 2012

The Standard Chart of Accounts (SCOA), an accounting system devised by ACPNS to make financial data required for government grant acquittals consistent, has been a key discussion item in the latest report by the Economics References Committee and discussion papers by the Australian Charities and Not-for-profits Commission and the NSW Fair Trading, Department of Finances and Services.

In Chapter Three of the Economics References Committee report, Investing for good: the development of a capital market for the not-for-profit sector in Australia the need to create a diversity of financial options and products for nonprofits is discussed and the report looks at the application of the SCOA in assisting the sector in this regard.

Similarly, the latest discussion paper by the Australian Charities and Not-for-profits Commission outlines the proposed design and implementation of a new reporting framework for charities, which includes implementing the SCOA as part of the process. The NSW Fair Trading, Department of Finances and Services also mention the SCOA in their reform discussion paper in relation to financial reporting by small co operatives (pages 22-23).

Organisation
ACPNS
Info
Eleni Gill
Email
eleni.gill@qut.edu.au
URL
Standard Chart of Accounts

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