Opportunity Shops – New Accounting Standards …

RSM Hayes Audit have recently published an article looking at some of the accounting complexities that organisations running Opportunity Shops may experience under the new Financial Reporting Standards.

How do you account for donated goods under the new standard? Using the difference between accounting for a donated new car (where the value is significant and known) and accounting for a bag of clothes from his wardrobe (where the value depends upon your point of view) the author, Craig Fisher, comments on a pragmatic solution proposed by the New Zealand Accounting Standards Board, and suggests that affected organisations should submit in support of the proposal (submissions close 25 October)

The article: “Opportunity Shops – New Accounting Standards, a Problem, and a Pragmatic Solution” is available here.

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