Financial reporting
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New laws for Victorian incorporated associations came into effect on 26 November 2012. The resources on this page have been updated to reflect the new laws. The new Associations Incorporation Reform Act 2012 (Vic) can be accessed here, and you can read more about the changes at Consumer Affairs Victoria's website here.
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This section provides information about the legal duties of a community organisation in relation to overseeing the finances of the organisation.
Whether the community organisation is unincorporated or incorporated, the responsibilities of the management of the organisation in relation to the financial affairs of the organisation are very similar. However, there are slightly different rules for each kind of community organisation, and if your organisation has a specific legal issue you should seek advice from a lawyer before making a decision about what to do.
If you are looking for information on financial difficulties in your organisation, please see If things go wrong > Financial problems or insolvency.
*NOTE* The law regulating charities has changed. The information on this page has not been updated to reflect the changes. For more information about the changes, go to the PilchConnect page on the ACNC here.
Financial reporting for a company limited by guarantee
This information sheet sets out the legal obligations for financial reporting of a company limited by guarantee. A company limited by guarantee is established under the Corporations Act 2001 (Cth) and must report to the Australian Securities and Investments Commission (ASIC).
Financial reporting for a Victorian incorporated association
This information sheet sets out the legal obligations for financial reporting of a Victorian incorporated association. A Victorian incorporated association is established under the Associations Incorporation Reform Act 2012 (Vic) and must report to Consumer Affairs Victoria (CAV).
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The ICA has a guide on annual and financial reporting.
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CSA is the peak professional body for governance professionals. The CSA has a series of good governance guides on financial reporting. They also provide a pro bono program to assist with things like governance audits, board paper templates and annual report preparation. Contact CSA for their guidelines on when a group is eligible for this free assistance.
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CPA has a toolkit with two guides relevant to not-for-profit management.
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The Australian Centre for Philanthropy and Nonprofit Studies at the Queensland University of Technology has a resource on nonprofit governance which includes a page on approving financial statements.