IFRS and not for profit entities
A new framework for accounting and reporting could lead to big changes in the financial statements of not-for-profit organisations. A recent consultation by the UK's Accounting Standards Board has proposed a the use of a "cut down" version of International Financial Reporting Standards for the UK, known as the IFRS for SMEs, from as early as 31 December 2012. Charities, housing associations, higher and further education institutions and member organisations will all be affected to varying degrees.
International Financial Reporting Standards and Not For Profit Entities provides a cross sector review of the potential impact of these recent proposals as the IFRS for SMEs is applied to not-for-profit organisations.
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