CCAB launches survey into international financial reporting practices in the not-for-profit sector.

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12 Nov, 2013

The Consultative Committee of Accountancy Bodies (CCAB) has today launched an online survey in order to understand international accounting practices in the not-for-profit sector. This survey is part of a wider research project undertaken by CCAB to establish whether there is a demand for the development of an international financial reporting framework, guidance or standards in the not-for-profit-sector. Responses to the survey are requested by 9 December 2013.

CCAB comprises of; The Institute of Chartered Accountants in England and Wales (ICAEW), The Institute of Chartered Accountants of Scotland (ICAS), The Institute of Chartered Accountants in Ireland (ICAI), The Association of Chartered Certified Accountants (ACCA) and The Chartered Institute of Public Finance and Accountancy (CIPFA). 

CCAB recognise that every country has a not-for-profit sector but many countries “appear to use for profit business standards when accounting for not-for-profit entities”.  They also recognise other countries, such as the UK have developed their own national guidance, such as Statements of Recommended Practice (SORPS) to deal with the accounting in not-for-profit entities.  With these divergent practices and international accounting standards not addressing the unique issues present in the not-for-profit sector, they are seeking views as to whether there is support for a set of internationally recognised standards to be developed which do specifically address these unique requirements.   

The findings of the survey will be published in the first quarter of 2014. 

Click for press release with links to the survey on the CCAB website.

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