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Should charities use IFRS?

Should charities use IFRS?

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The accountancy institutes are researching whether it's a good idea for not-for-profit organisations to use international financial reporting standards. Good idea or a waste of time?

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By ACIE admin
27th Sep 2013 16:37

International civil society accounting standards considered

International civil society accounting standards being considered

More details on this item are available at the Charity Finance journal website at:  

http://www.civilsociety.co.uk/finance/news

with it being reported that ACCA, ICAEW, ICAS, CIPFA, and CAI are supporting the research project. Results due to be published first quarter 2014.

 

 

The Association of Charity Independent Examiners is a registered charity in England and Wales 1139609 and in Scotland SC039066. ACIE is a registered company limited by guarantee 7461134; registered in England at 4-6 Grimshaw Street, Burnley  BB11 2AZ.

 

 

 

 

 

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By Alan Davies
27th Sep 2013 17:00

yes!

The closer charities are to "normal accounting" conventions the easier they are to understand and compare.  As the UK converges with IFRS it would seem desirable to move charity accounting along with it.  Bear in mind that there will be little accounting changes for smaller charities so no massive costs involved for those organisations who don't have the appropriate technical skills so there is very little argument against in my opinion. 

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