National standard chart of accounts
The Council of Australian Governments (COAG) agreed to the development and implementation of a National Standard Chart of Accounts (SCOA) for use by governments in their activities with non-profit community organisations receiving government funds.
A national SCOA was developed by the Queensland University of Technology and agreed by COAG in April 2010.
SCOA is an accounting tool and data dictionary of accounting terms that will be used by all funding agencies, including Community Services.
This will assist organisations that provide financial reports to more than one funding agency, by standardising financial reporting terminology.
Community Services is implementing the SCOA from 1 July 2010 as part of the NSW Government's NGO Red Tape Reduction Initiative.
Community Service tendering and financial acquittal processes will be adapted in the coming months to comply with the SCOA.
Many organisations already collect and report financial data based on the current NSW SCOA. If your organisation is currently using the NSW SCOA, the realignment to the national SCOA is minimal.
See the National SCOA data dictionary.