Talks planned on new charity accounting standard

Accounting Standards Board responds to consultation

The Accounting Standards Board will hold meetings with third sector organisations in the summer to discuss a new charity-specific accounting standard, the head of the organisation's third sector committee has said.

Alan O'Connor, head of the Committee on Accounting for Public-Benefit Entities, said the ASB had received a "strong third sector response" to its recent consultation on the future of accounting standards.

The consultation looked at how the country's Generally Accepted Accounting Principles should be amended in the light of new International Financial Reporting Standards.

O'Connor said the ASB would hold meetings with charities in the summer.

"It will be some time before we can publish a detailed summary of responses, but it's encouraging initially to see that most charity representatives have backed the existing Statement of Recommended Practice," he said.

He said a proposed 'public benefit standard', which would inform the Sorps governing charities, universities and social housing bodies, had been "received very well".

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