It is primarily designed for small to medium nonprofit organisations that may not have an accounting department or a sophisticated accounting system. For consistency purposes, larger nonprofits may comply with the standard chart of accounts requirements by adopting the data dictionary component.
In April 2010, the Council of Australian Governments (COAG) agreed that all jurisdictions would adopt the standard chart of accounts, where possible, by 1 July 2010. Government Department use of standardised terminology for account codes (and costs to be included in those codes) in their application/acquittals processes will significantly streamline current reporting requirements and reduce the administrative burden for non-profit service providers, particularly those receiving grants from a number of Departments.
This document has not been produced by Treasury. If you have any questions about the publication please contact the relevant agency.