Salary Survey 2018
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Leadership

International Financial Reporting Standards for NFPs?


Thursday, 27th February 2014 at 8:28 am
Staff Reporter, Journalist
A UK-based Accountancy body has published the first international study into financial reporting for Not for Profit organisations, including Australia.

Thursday, 27th February 2014
at 8:28 am
Staff Reporter, Journalist


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
International Financial Reporting Standards for NFPs?
Thursday, 27th February 2014 at 8:28 am

A UK-based accountancy body has published the first international study into financial reporting for Not for Profit organisations, including Australia.

The study, by the Consultative Committee of Accountancy Bodies (CCAB),  was conducted by academics from four universities (from the UK, Ireland and New Zealand), and assessed the need and demand for stronger financial standards for NFPs internationally.

The research was based upon a literature review and survey which received over 600 responses from 179 countries across the world. Some 12 percent of study responses came from Australia.

The study found that overall there is an appetite among NFPs for an international standard for financial reporting in the Not for Profit sector with 72% of respondents agreeing that it would be useful.

Based on the research, CCAB has called for more study into what is needed in this area and further consideration of what an international standard for financial reporting in the Not for Profit sector could look like.

It said further research should also consider whether an international standard could create consistent expectations from donors, so potentially reducing the costs for NFPs by avoiding duplication.

 “This report clearly demonstrates that there is desire for some kind of international standard for the Not for Profit  sector, though further work is needed on what form this might take,” chair of the CCAB study, Ian Carruthers said.

“Strengthening transparency and accountability, while potentially reducing costs through consistency in reporting requirements would go a long way in supporting NPOs, donors and those they serve around the world.”

A copy of the full report, International financial reporting for the Not for Profit sector, is here.  

The executive summary of the study can be found here.


Staff Reporter  |  Journalist  |  @ProBonoNews



Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au


YOU MAY ALSO LIKE

UK Charity Boards Lack Diversity

Wendy Williams

Monday, 23rd April 2018 at 5:16 pm

UK Aid Sector Urged to Take Action

Wendy Williams

Tuesday, 6th March 2018 at 8:33 am

Controversial Appointment for Head of UK Charity Regulator Causes Sector Rift

Wendy Williams

Monday, 26th February 2018 at 4:01 pm

Privatisation Poses New Challenges for NFPs Managing Their Workforce

Luke Michael

Tuesday, 9th January 2018 at 4:36 pm

POPULAR

Animal Shelter Loses Charity Status

Wendy Williams

Wednesday, 11th April 2018 at 5:20 pm

NFP Real Estate Agency to Drive Sydney’s Affordable Housing Supply

Wendy Williams

Wednesday, 11th April 2018 at 5:34 pm

NDIS Urged to Implement Portable Training System for Workers

Luke Michael

Tuesday, 17th April 2018 at 8:31 am

Housing the Other 94% of NDIS Recipients

Luke Michael

Monday, 23rd April 2018 at 1:02 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


CSB
pba inverse logo
Subscribe Twitter Facebook

The social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!