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Singapore releases Accounting Standard for charities

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28 Jun 2011

The Singapore Accounting Standards Council (ASC) has issued an Charities Accounting Standard (CAS), which is tailored to meet the needs of the charity sector and its stakeholders.

The ASC's new financial reporting framework for charities will apply to charities when they prepare their financial statements for financial periods beginning on or after 1 July 2011. Most charities can choose to adopt the Singapore Financial Reporting Standards (FRS) or the CAS based on their own needs and operations.

In developing the CAS, the ASC took reference from the IFRS for SMEs, the Financial Reporting Standard for Smaller Entities (FRSSE) issued by the Accounting Standards Board of the United Kingdom, and other sources.

Click for ASC announcement (link to the ASC website).

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