Summary – The Government has released the draft Governance Standards and Financial Reporting Regulations.

Yesterday the Government released the draft Governance Standards and Financial Reporting Regulations (together, the Regulations) as part of the reforms to follow the newly operational Australian Charities and Not-for-Profits Commission (ACNC). The Consultation Paper on the Governance Standards can be accessed here; and the Draft Regulation and Explanatory Material on Financial Reporting here.

The Regulations are available for comment until 15 February 2013 and the Government is seeking consultation from interested stakeholders. As part of this consultative process, the ACNC will host stakeholder forums in late January and early February. More information on these forums is available at www.acnc.gov.au or 13 ACNC (13 2262). Furthermore, an online forum hosted by the Department of Prime Minister and Cabinet at www.notforprofit.gov.au will provide an additional method to contribute.

Every charity registered under the ACNC (with the exception of Basic Religious Charities) will be required to comply with the Regulations. Stay tuned for our summary and initial comments on the Regulations in the following weeks.

Merry Christmas and safe holidays.