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The aim of this course is to highlight the importance for any individual operating in a Not-for-Profit entity the need to have sufficient financial literacy and seek out the knowledge to be able to fulfill their financial reporting responsibilities, and take care, skill and diligence when reviewing and approving the financial statements.
While those operating in a not-for-profit entity do not need to be an accounting expert, they do need to have sufficient financial literacy to be able to discharge their duties and responsibilities with care and diligence under both general law, statute and legislative Acts.
There is a requirement to read and understand financial statements and to form a view on the accuracy, credibility and understandability of information presented as well as understand the process of complying the financial information, the application of accounting standards, presentation and adequacy of information disclosed to third parties.
More details about the course
Learning objectives ▼
Provide an overview of the accounting records, accounting concepts and principles upon which financial statements are based and outline the four primary financial statements and how they are linked together in explaining the financial position of a Not-for-Profit entity.
Examine some of the specific reporting obligations for Not-for-Profit entities compared to a for profit entity.
Understand the application of accounting standards, International Financial Reporting Standards (IFRS), accounting policies, accounting treatments and key areas of judgment and estimates being used in the preparation of financial statements of a not-for-profit entity.
Build confidence to question management or the auditors about an NFP entity’s financial statements, assess the presentation and adequacy of disclosures, and whether any matters have not been disclosed and should be included in the accounts.
Course structure ▼
Section A – Governance Principles
What is a not-for-profit organisation
Purpose and use of financial statements
Legal structures
Regulatory framework governing financial reports
Framework for the preparation and presentation of financial statements
Standardised financial statements and mandatory compliance with accounting standards
Accounting policies and principles
Section B – Professional Practices
Structure and content for the presentation of financial statements
Statement of profit or loss and other comprehensive income (SOCI)
Statement of Changes in Equity (SOCIE)
Statement of Cash Flows
General purpose versus specific purpose financial reporting
Centro case summary
Section C – Personal Thinking
Case study: Science for Wildlife Ltd and Penrith Rugby League Club Limited
Assessment: Knowledge checks, quiz questions, and a case study response. Proficiency level: Emerging Digital badge issued: Short course: Financial Analysis Fundamentals for Not-for-Profits
Complete six short, focused courses and get a Certificate. Each course builds your expertise step-by-step, giving you practical skills and a nationally respected credential. Flexible, accessible, and designed for busy professionals—start your journey today and grow your governance career with confidence.
