An agenda paper for the August 2002 meeting of the Australian Accounting Standards Board names 24 not-for-profit organisations such as CPA Australia and Salvation Army that will have to change their financial statements to comply with standards issued by the International Accounting Standards Board in London.
CPA Australia technical director Jim Dixon said charities and professional associations were caught by several requirements arising from accounting pronouncements and corporate law. Mr Dixon said many not-for-profit entities were companies limited by guarantee - otherwise known as public companies - and would have to produce financial statements that complied with accounting standards. He said an entity had to have financial statements that complied with accounting standards if external stakeholders had an interest in the organisation.
(Source : http://www.theage.com.au)