Navigating AASB Not-for-Profit Financial Reporting Changes: What Every NFP Treasurer Needs to Know

The Victorian Public Sector and Not-for-Profit Committee is pleased to present a one-hour webinar exploring the Australian Accounting Standards Board’s new financial reporting framework for not-for-profit entities, which came into effect on 1 July 2026.

This practical session will examine the introduction of AASB 2026-2, which removes the ability for eligible entities to self-assess and prepare Special Purpose Financial Statements, and AASB 1061, the new Tier 3 reporting standard. Going beyond the technical requirements, the webinar will include worked examples, discussion of potential revenue recognition and profit-and-loss impacts, and consideration of the implications for body corporates as well as incorporated associations.

Designed for treasurers, bookkeepers and non-qualified finance personnel, this session is particularly relevant for those involved in the financial management of incorporated associations, co-operatives, body corporates and charities with annual revenue under $4 million.

The webinar will be presented by Ram Subramanian, External Reporting Lead – Policy, Standards and External Affairs, CPA Australia. Participants will gain practical insights into the new reporting requirements and understand the steps their organisations should take to prepare for and comply with the framework.

Learning Outcomes:

Explain why the AASB is removing the ability of NFPs to self-assess and prepare special purpose financial statements (SPFS), and what replaces it.
Identify which entities are affected – including incorporated associations, co-operatives and ACNC-registered charities – and understand that eligibility for the new Tier 3 standard is still being confirmed by regulators (ACNC, Treasury, state bodies).
Describe the key practical differences a non-qualified finance person will need to manage under general purpose financial statements (Tier 1/2) versus the new Tier 3 standard – leases, revenue recognition, related party disclosures and consolidation, illustrated with worked examples.
Develop a practical checklist of what to do now – records, governing documents, timing – ahead of the 1 July 2029 effective date.

Ram Subramanian FCPA Financial Reporting and NFP Lead, CPA Australia As CPA Australia’s Financial Reporting and NFP Lead, Ram oversees advocacy, thought leadership and external communications activities that spans both conventional and emerging topics relating to external reporting that are central to CPA Australia’s membership and the broader accounting profession. Ram leverages his expertise in IFRS Accounting Standards, public and not-for-profit sector accounting and broader transparency, accountability and governance matters to drive CPA Australia’s external reporting agenda.

Before moving to Australia, Ram worked in senior roles within the public practice sector in the United Kingdom for a number of years. Ram’s previous role before he joined CPA Australia involved managing the technical advisory services at the ICAEW in the United Kingdom.