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General Purpose and Special Purpose Financial Statements

A charity’s financial statements must be either General Purpose Financial Statements (GPFS) or Special Purpose Financial Statements (SPFS). General Purpose Financial Statements GPFS are prepared by applying all relevant accounting …

What is a related party transaction?

A related party transaction is a transfer of resources, services, or obligations between related parties. It does not have to include financial payment. A related party transaction can include: Purchases, …

Case study on financial reporting

Hunger Busters and Eat2Day are two similar charities that approach their financial reporting obligations differently. Watch to discover which approach is best. Which of the two charities do you relate …

Case study: Key management personnel remuneration

Learn how to apply key management personnel remuneration through this case study. This case study refers to General Purpose Financial Statements – Simplified Disclosure Requirements (GPFS-SDR). For more on what …

What does key management personnel remuneration mean?

Remuneration is something given by a charity in exchange for services rendered to the charity. Remuneration can include: Wages, salaries and employer superannuation contributions, paid annual leave and paid sick …