Change is on the way...
In relation to financial reporting for all organisations - including non-profit organisations and charities in Ireland.
The UK Accounting Standards Board (ASB) sets financial reporting standards in these islands and is currently consulting on developing new standards/approaches (to be operational by 2013) for financial reporting by companies and other entities. While nothing has been decided yet, the new standards/approaches to be developed will probably also apply to financial reporting by non-profits and charities too.
The much anticipated Irish Charities Regulator - when it comes into being - will set a financial reporting requirement for charities, and that requirement may well be based on the standards/approach to be developed by the ASB. The future of the existing Statement of Recommended Practice (SORP) for Financial Reporting by Charities is also being reviewed as part of this process.
The ASB invited submissions to the ASB consultation process (deadline for submissions was Friday 29 January 2010). Grant Thornton has already made a submission suggesting a treatment for non-profits and charities.
All submissions made to ASB on this topic are available to view on the ASB website.
Grant Thornton will be monitoring progress of this ASB initiative in the coming months and we will update this page accordingly.