Weekly study1 hour
100% onlineHow it works
Reporting Obligations of Your Charity Part B: Financial Skills for ACNC Reporting Requirements
Develop your skills to meet all ACNC financial reporting requirements.
All charities are required to complete the Annual Information Statement and many also complete financial reports. But how do you know what financial information is required? And do you have the financial understanding and skills to understand what is being asked?
This short course from the Australian Charities and Not-for-profits Commission (ACNC) provides answers.
Through this course, you will:
- Learn about annual financial reports and accounting standards.
- Discover the difference between General Purpose Financial Statements and Special Purpose Financial Statements.
- Compare an audit to a review.
- Find out about key management personnel remuneration.
- Gain an understanding of related party transactions and disclosure requirements.
Features of Financial Reporting
Welcome and Introduction to Reporting Obligations Part B
Discover the learning outcomes, how to navigate the course effectively, and how quizzes and the assessment work so you can gain a certificate.
Introduction to ACNC Financial Reporting Requirements
Learn about submitting financial information to the ACNC, find out what happens to it, and discover how reporting your charity’s financial information to the ACNC is a tool to support your charity's outcomes.
The Annual Financial Report
Learn what the Annual Financial Report is and the information your charity should include.
What are Accounting Standards?
Find out what accounting standards are and how they effect parts of annual financial reports for charities.
General Purpose Financial Statements vs Special Purpose Financial Statements
Explore the difference between general purpose and special purpose financial statements and learn which type applies to your medium or large charity. Relevant to small charities that are growing.
What is an Audit and a Review?
Compare the differences between and audit and a review and gain practical tips so your charity can get the most of out the audit/review process.
Changes to Financial Reporting and Answers to Frequently Asked Questions
Key Management Personnel Remuneration
Learn what key management personnel remuneration is and how large charities and medium charities that prepare General Purpose Financial Statements must report it. Apply your knowledge through a case study and further links.
Related Party Transactions and Disclosure Requirements
Discover what related party transactions are, how to manage them and when to report them.
Frequently Asked Questions
Find answers to the questions charities frequently ask when reporting financial information to the ACNC.
Want to continue learning but not sure where to turn? Want to get a Certificate for completing this course? This section shows you how.
When would you like to start?
Start straight away and join a global classroom of learners. If the course hasn’t started yet you’ll see the future date listed below.
Learning on this course
On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.
What will you achieve?
By the end of the course, you‘ll be able to...
- Explain what an annual financial report is and identify its various components.
- Describe accounting standards and summarise the differences between general purpose financial statements and special purpose financial statements .
- Compare an audit to a review and reflect on the value of receiving constructive feedback to improve your charity’s practices.
- Explore the requirements for key management personnel remuneration and apply them to your charity.
- Investigate the new related party transactions and disclosure requirements for charities and identify what your charity needs to do now to be prepared.
Who is the course for?
The second of two short courses, this course is for charity leaders who are responsible for meeting the financial reporting obligations of the ACNC. It is designed for board members and sector advisors such as accountants, auditors, reviewers and bookkeepers.
Who will you learn with?
Rachel Gear is the ACNC's Instructional Designer and Lead Educator for the eLearning Program. She's committed to designing and teaching accessible and relevant professional development for adults.
Rachel Smith is the Director of Advice Services, Education and Public Affairs, and is the Director behind the ACNC’s eLearning program. She’s been with the ACNC since it started.
Who developed the course?
Australian Charities and Not-for-profits Commission
The Australian Charities and Not-for-profits Commission (ACNC) is the national regulator of charities. We register and regulate Australia’s many charities. We help charities understand and meet their obligations through information, advice and guidance. We help the public understand the work of the charity sector and provide a free searchable register of Australian registered charities.
Australian Charities and Not-for-profits Commission are offering everyone who joins this course a free digital upgrade, so that you can experience the full benefits of studying online for free. This means that you get:
Learning on FutureLearn
Your learning, your rules
- Courses are split into weeks, activities, and steps to help you keep track of your learning
- Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
- Stay motivated by using the Progress page to keep track of your step completion and assessment scores
Join a global classroom
- Experience the power of social learning, and get inspired by an international network of learners
- Share ideas with your peers and course educators on every step of the course
- Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others
Map your progress
- As you work through the course, use notifications and the Progress page to guide your learning
- Whenever you’re ready, mark each step as complete, you’re in control
- Complete 90% of course steps and all of the assessments to earn your certificate
Want to know more about learning on FutureLearn? Using FutureLearn
Do you know someone who'd love this course? Tell them about it...
More courses you might like
Learners who joined this course have also enjoyed these courses.