HBG is here to help Not for Profit Associations (NFPA), such as sport and recreation clubs, societies, and community groups, stay up to date with the various framework regulations.
The Associations Incorporation Act 2015 (WA) commenced 1 July 2016, and by these rules all incorporated entities must prepare financial statements that give a true and fair view of the financial position and performance of the association. All Tier 2 and 3 must also prepare financial statements in accordance with Accounting Standards.
NFPA must also update their constitution and rules to comply with the Act, with the transitional rules giving clubs until the 1st July 2019 to comply.
We at HBG can assist your association to have financial statements prepared in accordance with Accounting Standards. An “Engagement Review” can be much more cost effective than an audit and in some cases associations should update their constitutions to allow for this less stringent requirement.
If your association is unsure of what their requirements are, the team at HBG can help determine what solution will be the best fit.