Monthly Accountants Tech Talk: NPOs
Presenters : Carmen Westermeyer CA(SA) , Caryn Maitland CA(SA)
Overview
The non-profit sector is currently irritated and civil society organisations have called for the withdrawal of the draft Non-Profit Amendment Bill 2021, citing concerns about how the proposed changes will impact the operation of NPOs.
Non-profit organisations (NPOs) play an integral role in South African society, providing support, funding and expertise in areas ranging from social security to education, health to the environment.
Every single practitioner is involved in a non-profit entity to some extent or the other - whether this involvement comes through membership of a sporting club, charity, or religious organisation. These associations are often run on a volunteer basis, leaving the compliance to be an afterthought.
Learning objectives and competencies developed
By attending this webinar, you will develop the following competencies:
- Decode the common acronyms
- Distinguish between the different types of income tax exemptions that are available.
- Establish how fund accounting differs from IFRS?
- Review how to account for government and other grants in both IFRS and IFRS for SME’s.
- Analyse the income tax consequences of receiving a grant?
- Investigate the practical difficulties that need to be considered.
- Discuss VAT.
Content
The webinar will cover the following topics:
- Statutory framework with respect to NPOs
- Companies Act considerations with respect to Non Profit Companies
- Non Profit Organization Act
- Accounting for grants and other fund income
- Assurance considerations
- Income Tax consequences
- VAT consequences
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