Changes to Financial Reporting

I hear that there are changes proposed to financial reporting standards for non-profits, can you tell me a little more about what is proposed?

At the start of 2012 Grant Thornton published a paper on the proposed changes. In it they stated:  “In September 2011 Government announcements and External Reporting (XRB) consultation papers outlined significant changes to the financial reporting requirements for many for-Profit and public benefit entities (PBEs). The proposed PBE financial reporting framework (the PBE framework) includes all charities registered with the Charities Commission and therefore captures a large section of the Not for Profit sector …. ” < read the full paper >

In November 2013, Charities Services issued “an update on proposed new financial standards for not-for-profit entities” which will come into force on 1 April 2015.  You can read the update here

The External Reporting Board (XRB) are running a series of seminars on the new standards. Details here

See also: Financial reporting landscape for Not for Profits confirmed (Apr 2014)

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