You are running some sessions for volunteers who keep the books for not-for-profit associations, such as local football and netball clubs, to develop their knowledge of accounting and its importance so they can understand their role in their association. Include in your discussion some information about the role and purpose of accounting standards and how they are set. Finally, provide a brief explanation as to the regulatory environment in Australia for financial reporting and explain why the not-for-profit entities are, or are not, required to comply with all accounting standards.