New accounting standards for smaller entities likely to be delayed

Accounting Standards Board says implementation will probably not happen until January 2015

The Accounting Standards Board is to delay the implementation of new accounting standards for charities
The Accounting Standards Board is to delay the implementation of new accounting standards for charities

The Accounting Standards Board has announced a "tentative" decision to delay the implementation of new accounting standards for small and medium-sized entities, including charities, for another year until 1 January 2015.

The rule will also mean a delay in the introduction of a new specialist standard for public benefit entities, including charities, and a new statement of recommended practice for charities, which will be based on the PBE standard.

The new Statement of Recommended Practice for charities will be published at the same time as the main standards, according to Pesh Framjee, head of charities at Crowe Clark Whitehill and a member of the committee drafting the new Sorp.

"We’ve already written much of the Sorp, but we cannot produce a final document until the new standard is ready," he said. "We will have to reflect the standard in the Sorp."

Framjee said that the change in timescale was not a surprise.

"We’ve been waiting for this for a while," he said.

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