This two-part series will provide an overview of the financial reporting and audit obligations for charities and NFPs. Specifically, the webinar will also provide an overview of the three financial statements and in particular how to analyse a balance sheet. The 2022 financial statements of a real Australian charity will be used to help you to apply your new skills.
Expiry Date - Friday, 14 February 2025
Duration - 60
In part one of this series, we’ll give you the skills and confidence to review, analyse and interpret financial information, specifically in the NFP sector and will cover:
- Definition of a not-for-profit (NFP) and a charity; tax status of NFPs and common legal structures of NFPs
- Financial reporting and audit requirements of charities with ACNC
- Overview of the three financial statements – balance sheet, income statement and statement of cash flows
- A simple 7-step methodology as to how to read, analyse and interpret a balance sheet of a charity
- What questions to ask the CFO when reviewing a balance sheet.
Financial literacy is a skill that few of us are taught, yet when joining a board, are expected to understand, investigate and ask intelligent questions about. By the end of the series you will be armed with a simple step-by-step methodology and set of key questions which will assist in your capability to interpret your financial status.
You may also be interested in Unpacking NFP Board Finances Pt 2 – Income statements, cash flows and financial ratios.
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