The Government today released for public consultation a paper on draft governance standards for charities registered with the Australian Charities and Not-for-profits Commission (ACNC) and draft regulations on the new ACNC financial reporting framework.
"The establishment of the ACNC is about providing an independent and dedicated regulator which can support a vibrant NFP sector as it grows into the future," said Assistant Treasurer, David Bradbury MP.
"The launch of the ACNC on Monday marked the beginning of a new era for Australian charities, and the consultation that commences today is the next step in implementing an effective and dedicated regulatory framework that is suited to the needs and expectations of the not-for-profit (NFP) sector and the community.
"The draft governance standards cover six topics, including the purposes and not-for-profit (NFP) nature of charities, accountability to members, compliance with Australian laws, responsible management of financial affairs, and suitability and duties of those who manage charities."
The draft governance standards are intended to reflect a minimum set of basic governance outcomes for registered charities, whilst providing entities with flexibility to determine how they achieve these outcomes in the context of their organisation's particular circumstances.
The draft financial reporting regulations set out the content requirements for financial reports lodged with the ACNC, and also propose to significantly expand the range of individuals able to conduct a review of medium sized registered charities which will reduce on-going compliance costs.
"The development of the draft governance standards has been closely informed by input from the NFP sector and governance experts, including a stakeholder roundtable held in mid-November to seek feedback from stakeholders on the scope and content of the draft governance standards," said Minister for Social Inclusion, Mark Butler MP.
"The Government is committed to effective consultation on the draft governance standards and financial reporting regulations, and I encourage interested stakeholders to participate in the consultation process."
As part of the ongoing consultation with the sector, the ACNC will be holding stakeholder forums in capital cities and regional centres in late January and early February. Further information on the ACNC and these forums can be found at www.acnc.gov.au or by phoning 13 ACNC (13 2262).
The Office for the Not-for-Profit Sector within the Department of the Prime Minister and Cabinet (PMC) will also administer an online forum on www.notforprofit.gov.au to facilitate discussion and provide an additional way to provide input.
The governance consultation paper and proposed financial reporting regulations are available at Treasury website.
Consultation will be open until 15 February 2013.