Audit and Financial Services
Churches must decide what type of accounting method they will use to prepare annual financial statements. Churches should also decide whether financial reports will be audited, or reviewed.
These recommended accounting methods are applicable to Basic Religious Entities only. Incorporated churches are not Basic Religious Entities and must prepare financial statements in accordance with requirements of their particular regulator.
Recommended accounting methods for small churches (Annual revenue less than $250k)
Cash flow accounting (Annual Review)
Fin_Template_Cashflow-Method (88.64 kB)Recommended accounting methods for medium churches (Annual revenue between $250k and $1m)
Accrual accounting (Annual Review or Audit)
Special purpose
Recommended accounting methods for large churches (Annual revenue exceeding $1m)
Accrual accounting (Annual Audit)
Special purpose, but as close as possible to General purpose – Reduced Disclosure Regime
- Official accounting standards can be obtained from the Australian Accounting Standards Board website
- Find your church and look up your Australian Charities & Not for Profit Commission registration details on the ACNC website
- Recommended chartered accountant for annual audits/reviews for medium and large churches: Saward Dawson
Baptist Financial Services
Baptist Financial Services provides a Charitable Investment Scheme for the raising of capital by offering Debenture Products which are available to any person, Church or organisation to support and expand Baptist denominational ministry throughout Australia.
Loans are made available to Churches to purchase property & manses, upgrade & repair buildings and to develop ministries including schools, aged care and community services. Personal loans are also provided to Accredited Baptist Ministers for a ministry purpose.
FOR MORE INFORMATION CONTACT:
Jeremy Peet
State Manager – Victoria
Baptist Financial Services
Level 1, 1193 Toorak Road
Camberwell Victoria 3124
Phone: 1300 650 542
Fax: 1300 784 699
Email: jeremyp@bfs.org.au
Web: www.bfs.org.au