Standard Chart of Accounts formally approved by all Australian Governments

The Standard Chart of Accounts (SCOA) for not-for-profit reporting developed by Queensland University of Technology was this week formally approved by all Australian Governments for implementation by 1 July 2010.

The 19-20 April 2010 Council of Australian Governments (COAG) meeting in Canberra made the following decision:

“COAG also agreed to additional reforms for the not-for-profit sector, including an implementation plan and governance structure to develop a nationally consistent approach to fundraising regulation, and the adoption of a standard chart of accounts where possible by 1 July 2010. This will further reduce the regulatory burden and improve public confidence in the not-for-profit sector. ” (page 14)

The full document is here: http://www.coag.gov.au/coag_meeting_outcomes/2010-04-19/docs/Communique_20_April_2010.pdf

A full set of resources for the SCOA is available on the QUT Wiki at: https://wiki.qut.edu.au/display/CPNS/Standard+Chart+of+Accounts

Apr. 22, 2010

 Tags: government, finance

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