There has been much uncertainty about what UK charity accounting will look like after the convergence with International Financial Reporting Standards, but the future direction is now looking a little more certain.
A new Statement Of Recommended Practice for charities, likely to be based on the IFRS for small and medium-sized entities, and a proposed standard for public benefit entities are expected some time in 2012.
This is welcome, but it does highlight another problem - the lack of clear international accounting standards for charities and other public benefit entities.
The Accounting Standards Board - the UK's standard-setter - does not and cannot extend its agenda beyond the UK. Its work, and the Charities Sorp, might well prompt other national standard-setters to follow suit. But a global standard for charities looks a long way off.
Last week, I received an email from the finance director of a leading aid charity. He estimates that about 40,000 non-governmental organisations now operate internationally.
But because they work according to differing national frameworks, their accounts are often difficult to compare. This lack of consistency in reporting is not just a problem for accountants - it's a concern for donors, governments and beneficiaries.
For this reason, more and more international charities are asking whether it's time for a global standard for public benefit entities.
But who should take on that role? Standard-setters do not appear overnight. They need political commitment. Without buy-in from national governments and local standard-setters, international bodies can't assert authority. That in turn takes time; and it takes funding.
The International Accounting Standards Board has worked tirelessly to develop high-quality global accounting standards for the commercial world - the IFRS, which it says more than 100 countries have adopted or allowed. But with an annual budget of nearly £20m, they don't come cheap.
Not-for-profit accounting is on the IASB's agenda - that's a start. But it doesn't appear to be very near the top of that agenda. Plans announced in 2006 for a not-for-profit framework still seem well down its to-do list. However, as things stand, the IASB remains the best bet to deliver a global standard for the sector.
Let's hope it finds a role model in the UK. The successful delivery of a new charity accounting framework here in 2012 might go some way towards jolting the IASB into action.
Ray Jones is policy accountant at the Charity Commission