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