From www.aicd.com.au: The Australian Institute of Company Directors has made a submission to the Australian Accounting Standards Board seeking simplification of the not-for-profit financial reporting framework, supporting the introduction of a simplified Tier 3 Standard.

AICD is advocating for clear reporting requirements for smaller not-for-profits. They also want to ensure sufficient education is provided for organisations transitioning from special purpose to general purpose financial statements.

The submission included support for a proposed three-year transition period for implementation.