The Australian Charities and Not-for-Profits Commission (ACNC), established in 2012, has played an important role in regulating the not-for-profit (NFP) sector, made up of about 600,000 NFPs, which have predominantly been concerned with charities.

It is not often professional and ethical standards in the accounting profession cause so much controversy, confusion and concern.

Tony Greco is technical policy general manager at the Institute of Public Accountants.

Although this federal government has yet to legislate the purpose of superannuation, it stated in last year’s budget that it proposed introducing the definition first suggested by David Murray in his Financial System Inquiry.