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.
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.