On 5th October, 2015 a seminar about the development of international guidance on a coherent set of financial reporting standards was held by CIPFA. Built upon a research conducted in 2014, the seminar addressed the issue of CSO financial management standards, highlighting that the lack of coherence in international standards for not-for-profit accounting contributes to the complexity of current donor requirements, which are costly to administer and yet fail to give the donors and other stakeholders the assurance they need. This seminar comes at a key moment as the International Accounting Standards Board (IASB), which deals with the corporate for-profit world, is consulting on whether it should extend its remit to develop standards for the not-for-profit sector. The consultation closes on 30 November 2015. All interested shall take part and submit a letter of comment to IFRS either via their website or email. More information is available here.
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