Understanding financial reporting responsibilities

It is crucial for directors to understand and monitor the financial position and performance of the corporation they govern. There are also a number of key reporting and record keeping duties directors are responsible for, among other legal obligations. 

In this 2-hour workshop, an accounting lecturer will explain the reporting responsibilities for directors. 

You'll learn about 

This workshop will cover topics including:

• the importance of financial literacy and the financial reporting responsibilities in the CATSI Act
• the legal distinction between a not-for-profit entity and a charity, and the 12 charitable purposes
• the relationship between the Australian Charities and Not-for-profits Commission (ACNC) and ORIC, and the reporting obligations for Indigenous corporations that are also registered charities with ACNC
• the financial reporting obligations of Indigenous corporations depending on their size, including small, medium and large corporations
• how to complete the general report, including how to complete the financial information section
• the difference between the financial report and the financial statements
• the importance of the Directors' Declaration and Directors' Report, and the typical questions that directors should be asking their CFO before signing off the external financial statements
• the role of the external audit and the two types of audit opinions

Who should attend

• Directors and treasurers of Indigenous corporations
• Budget preparers, such as CFOs and accountants of Indigenous corporations

What you’ll receive

• Plain-language training from an Accounting Lecturer with an opportunity to ask them questions
• Copy of training materials

Format

Online

Length

2 hours

Maximum number of participants

30

Facilitator

This workshop will be presented by Mr Stephen Marsden, a Lecturer in the School of Accountancy at the Queensland University of Technology’s Business School. 

Costs

Free. ORIC covers costs of delivering the workshop.