Pitcher Partners recently responded to Treasury's call for responses to their review of the ACNC and its supporting legislation.
Having consulted with clients from across the country, Pitcher Partners response included:
Pitcher Partners support the ACNC and feel that, compared to previous regulators, it has improved the oversight and governance of participants in the charities sector.
This improved oversight has in turn increased public confidence in the sector.
Overall, we are supportive of the legislation but feel the misalignment of scope and title should be resolved, preferably by extending its powers to not for profits as well as charities.
While the ACNC has simplified oversight of the sector, there is still duplication and inconsistency of data between ASIC and the ACNC that needs to be resolved.
The reporting requirements for “large” charities should be brought into line with those of the Corporations Act. More of these organisations need to improve their reporting levels to better inform their financial statement user stakeholders.
Outcome based reporting should also be developed to supplement financial reports.
If you are a not for profit and would like some advice on reporting, please contact us, otherwise the read the our full response here.