Dr. Ushi Ghoorah, PhD(Acc), MCom(Acc), MPA(Acc), Dip(Mgt), BSc(Hons), CPA
Lecturer (Accounting)
Business School
Western Sydney University
Craig Furneaux
Associate Professor
Faculty of Business & Law
School of Accountancy
Queensland University of Technology
Connectivity of Non-financial and Financial Information
Ushi Ghoorah (Western Sydney University – Western Sydney University), David Gilchrist (The University of Western Australia – UWA Business School), Craig Furneaux (Queensland University of Technology – School of Accountancy), Phil Hancock (The University of Western Australia), Nikki Schonfeldt
AASB Research Centre Working Paper No. 26-01 (January 2026)
This research report investigates the connectivity between financial and non-financial information in the Australian not-for-profit (NFP) private sector, with a particular focus on the relevance and application of service performance reporting (SPR). The report draws on a combination of literature reviews, annual report analysis, surveys, and stakeholder focus groups to evaluate current reporting practices, stakeholder perceptions and practical pathways for improving the integration, accessibility, and credibility of SPR across the sector.
The key messages include that connectivity between financial and non-financial information remains fragmented across the NFP sector, with limited integration and inconsistent terminology. Stakeholders (including donors, regulators, preparers, auditors, and directors) recognise the value of SPR but highlight challenges related to implementation costs, capacity constraints, assurance gaps, and the need for flexible reporting guidance. Further, international case studies (e.g., New Zealand, the United Kingdom and Canada) illustrate varied models of SPR, offering insights into balancing comparability, contextualisation, and proportionality.
This report calls for the development of a robust, scalable, and context-sensitive SPR framework for the Australian NFP sector, underpinned by five key recommendations:
(1) adopt a principles-based and proportional framework,
(2) enable the integration of financial and non-financial data using linked formats,
(3) promote user-focused and flexible presentation styles,
(4) allow flexibility in language and performance descriptors, and
(5) strengthen auditability through scalable verification pathways.
Dr Ushi Ghoorah is a Lecturer in Accounting at Western Sydney University and a specialist in not-for-profit accountability, service performance reporting, and financial transparency. Her research examines how financial and non-financial disclosures influence stakeholder decision-making and public trust in the not-for-profit sector. She has led multiple nationally commissioned research projects exploring service performance reporting and the integration of financial and non-financial information. Dr Ghoorah contributes to national policy discussions as a member of the Australian Accounting Standards Board Not-for-Profit Advisory Panel and holds leadership roles with the Accounting and Finance Association of Australia and New Zealand (AFAANZ), the Australia and New Zealand Third Sector Research Association (ANZTSR), and CPA Australia.
Dr Craig Furneaux is an Associate Professor with the School of Accountancy, Faculty of Business and Law at Queensland University of Technology. Craig leads the Australian Centre for Philanthropy and Nonprofit Studiess. Craig is a highly regarded teacher and researcher focussed on accountability, capability and change in nonprofits organisations and social enterprises. He is also interested in faith-based charities in civil society. His research is available for free here: https://eprints.qut.edu.au/view/person/Furneaux,_Craig.html