Policy Update

This month marks the 5 year anniversary of the commencement of the Australian Charities and Not for Profit Commission (ACNC) and this edition of the NFP Quarterly Update reflects on some of the achievements and future directions of the ACNC and the not-for-profit (NFP) sector more broadly.

The introduction of the ACNC followed years of lobbying from the sector for a specialist regulator for the charity sector. The initial focus of the new regulator was to reduce red tape, become a one stop shop for reporting and to harmonise regulation between states and territories where possible.

While some of these objectives have yet to be achieved, much progress has been made to assist the sector and those who interact with it. In this edition, ACNC Acting Commissioner Murray Baird FAICD reflects on the achievements of the ACNC to date.

The AICD recognises the outstanding leadership of former ACNC Commissioner Susan Pascoe AM FAICD and her team across the first five years of the ACNC’s operations.

The AICD will be providing a submission on the 5 year review of the ACNC which is expected to be announced shortly and encourages those within the sector to also respond to the review.

Our NFP members may also be interested in consultation about reform to the financial reporting framework that applies to the NFP sector. AICD Senior Policy Adviser Kerry Hicks GAICD explores some of these proposed changes in this edition, including the potential development of NFP-specific accounting standards, and what this means for directors.

And finally this edition looks at work being lead by the Australian Government to establish National Principles for Child Safe Organisations. National Children’s Commissioner Megan Mitchell provides her insights on the role of boards and directors in ensuring the safety and wellbeing of children and young people.

As 2017 draws to a close, I would like to wish you all the best for the coming festive season and hope that the new year is a fabulous one for you and your organisation.