Accounting Standards ‘will make it easier for non-profits’, says Minister.

Minister for the Voluntary and Community Sector Jo Goodhew said that the ‘whole idea of the new accounting standards is to make it easier, not harder, for non-profits’ at a meeting with representatives of non-profit sector groups on Friday.

Goodhew was referring to the new proposed accounting standards which will mandate the production of financial statements for all not-for-profit entities, no matter how small.

When asked to comment on the specific new requirement for organisations with over $40,000 in expenditure to produce a Statement of Cash Flows in addition to the other statements, she was unaware of this, however.

Goodhew also said that it was the community sector itself that has asked for these standards. However, submissions from community organisations to the External Reporting Boards first proposal to introduce new reporting requirements for not-for-profits in 2011 were almost unanimously opposed (


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