A National Standard Chart of Accounts to be Implemented

At a recent COAG (Council of Australian Governments) meeting, it was agreed that a National Standard Chart of Accounts be developed for finance reporting across the nonprofit sector in Australa. State governments of Queensland, NSW, WA and Victoria have previously adopted individual SCOAs. This new move will bring continuity of reporting standards across the sector nationally. This standard is due to be implemented by 1 July 2011.

You can read more about this here.

At Community Compass, we will help your organisation and leaders understand and integrate the Standard Chart of Accounts into your reporting practice. We are able to consult with you and have a team prepared to assist you on site with your reporting needs.

Continue to watch this space for more information and news about the National Standard Chart of Accounts. So do not hesitate to ring us with any questions or needs that you may have.

The Team at Community Compass

What is Standard Chart of Accounts?

'SCOA aims to provide a common approach to the capture of accounting information for use by not-for-profits, government agencies and other interested parties. It is a tool designed primarily for small to medium organisations which typically do not have an accounting department or a sophisticated accounting system." (Third Sector Magazine, April 2010)