Financial reporting framework for not-for-profit private sector entities

New financial reporting requirements will require some not-for-profits to prepare general purpose financial statements.

The Australian Accounting Standards Board (AASB) has introduced a new financial reporting framework for not-for-profit (NFP) entities, removing special purpose financial statements (SPFS) for certain organisations and requiring general purpose financial statements (GPFS). The amendments (set out in AASB 2026-2 Amendments to Australian Accounting Standards – Extending the Application of the Conceptual Framework and Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpo...

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Authors: Kim Heng, Julie Locke

Published Date: 16 July 2026