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National Standard Chart of Accounts 2017-04-28T21:25:12+10:00

National Standard Chart of Accounts

What is the National Standard Chart of Accounts?

SCOA aims to provide a common approach to the capture of accounting information for use by not-for-profits, government agencies and other interested parties. It is a tool designed primarily for small to medium organisations which typically do not have an accounting department or a sophisticated accounting system.” (Third Sector Magazine, April 2010)

The COAG (Council of Australian Governments) agreed that a National Standard Chart of Accounts be developed for financial reporting across the non-profit sector in Australia. State governments of Queensland, NSW, WA and Victoria have previously adopted individual SCOAs. This move will bring continuity of reporting standards across the sector nationally. This standard was implemented 1 July 2011, with the Standard Chart of Accounts being Developed by the Queensland University of Technology (QUT). The chart has subsequently been handed over to the ACNC who have used it to map directly to their financial questions for the 2014 AIS for Charities. Read the guide to the ACNC 2014 AIS requirements here: http://www.acnc.gov.au/ACNC/Contact_us/Pub_consult_comment/2014AIS/ACNC/Report/2014AISGuide.aspx

At Community Compass, we can assist your organisation and leaders understand the Standard Chart of Accounts and integrate it into your financial reporting. We are able to consult with you and have a team prepared to assist you on site with your reporting needs.

Why you would consider converting your chart of accounts to the National Standard Chart of Accounts?

One Chart of Accounts, many reports:

The advantage of using the NSCOA is that all Australian governments have adopted a NSCOA as a nationally consistent approach for requesting financial information from the sector. The implementation of this reporting framework provides the opportunity for multiple stakeholder reporting with little or no adjustment required when using the Standard Chart.

Creating cost and resource efficiencies:

ACNC requirements for the 2014 Annual Information Statement (AIS) reveals that the financial questions that need to be answered are mapped directly to the National Standard Chart of Accounts. Accordingly, the ease of compliance with the new reporting framework is going to be determined by how closely your existing chart of accounts maps with the NSCOA. Community Compass supports the transition toward an efficient reporting framework.

Ease of conversion:

For most entities, the conversion is relatively easy: An independent review of the implementation of a Standard Chart of Accounts (SCOA) in Victoria has found that 80 percent of the community organisations who implemented the Standard Chart found the process easy and 94 percent would recommend other organisations to implement it.

Please download our flyer here for further information.

The following links will help you and your organisation understand the SCOA

THE STANDARD CHART OF ACCOUNTS

QUT and a data dictionary

Finance Department

UNDERSTANDING THE SCOA

NSW, Office of Premier and Cabinet

QUT

ACOSS

NSW, Family and Community Services

FaHCSIA

TRAINING TOOLS

QUT Workbook

Generic Training Manual

BLOG ABOUT THE SCOA

Blog and Current Discussion