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The future of financial reporting for charities,[object Object],May 2011,[object Object]
The Background,[object Object]
Development of IFRSs,[object Object],First developed in the 1970s to provide a GAAP for those countries without an established standard setting process,[object Object],Taken on real importance since 2000,[object Object],IOSCO endorsement (1999/2000),[object Object],Main basis of accounting for EU listed companies since 2005,[object Object],Required or permitted in over 100 countries (EU, China, Brazil, Australia, Canada, South Korea, South Africa, Russia),[object Object],Seeking to achieve convergence (US, India, Japan),[object Object],Designed primarily (solely?) for use by stakeholders, principally investors, in profit making organisations,[object Object]
CONVERGENCE WITH IFRS,[object Object],‘Pure’ UK GAAP standards,[object Object],FRS 19 ‘Deferred tax’ (2000),[object Object],FRS 27 ‘Life Insurance’ (2004),[object Object],good practice embedded prior to IFRS adoption,[object Object],FRS 28 ‘Corresponding amounts’ (2005) ,[object Object],due to removal from CA85 requirement to present comparatives,[object Object],FRS 30 ‘Heritage assets’ (2009),[object Object],UITF 40 ‘Revenue Recognition and service contracts’,[object Object],UITF 43 ‘Interpretation of equivalence for purposes of S228A CA85’,[object Object]
CONVERGENCE WITH IFRS,[object Object],IFRS based UK standards,[object Object],FRS 20 (IFRS 2) Share based payment (2004-2009),[object Object],FRS 21 (IAS 10) Events after the balancer sheet date (2004-2009),[object Object],FRS 22 (IAS 33) EPS (2004),[object Object],FRS 23 (IAS 21) Effects of foreign exchange (2004),[object Object],FRS 24 (IAS 29) Hyperinflation (2004),[object Object],FRS 25 (IAS 32) Financial instruments: presentation (2004 - 2009),[object Object],FRS 26 (IAS 39) Financial instruments: recognition & measurement (2004-2009),[object Object],FRS 29 (IFRS 7) Financial instruments: disclosure (2005,2007-2009),[object Object],Annual improvements project,[object Object],UITFs 39, 41, 42, 44 and 45 (since Feb 2005),[object Object]
UK ASB’s proposed framework,[object Object],Tier 1,[object Object],Publicly accountable entities,[object Object],Apply full,[object Object],IFRS,[object Object],Tier 2,[object Object],All other entities,[object Object],Apply adapted version of the IFRS for SMEs,[object Object],(“FRSME”),[object Object],Tier 3,[object Object],“Small” entities,[object Object],Apply,[object Object],FRSSE,[object Object],Subsidiaries,[object Object],Reduced disclosure,[object Object],Subsidiaries,[object Object],Reduced disclosure,[object Object]
Tier 3,[object Object],Small entities eligible to use FRSSE,[object Object],Apply FRSSE,[object Object],Small entities,[object Object],Tier 2,[object Object],All other entities,[object Object],Apply UK adopted IFRS for SMEs,[object Object],Everything else,[object Object],Tier 1,[object Object],Publicly accountable entities,[object Object],Apply EU adopted IFRS,[object Object],Publicly accountable entities,[object Object]
IFRS FOR SMALL AND MEDIUM SIZED ENTITIES,[object Object],Stand-alone standard published July 2009,[object Object],Why developed,[object Object],Full IFRS too complicated – cost v benefit analysis,[object Object],Full IFRS does not meet needs of majority of users of accounts,[object Object],Based on IFRS,[object Object],shorter (230 pages),[object Object],35 sections and 300 notes,[object Object],less fair value measurement and more use of historical cost accounting,[object Object],5 years in the making,[object Object],2004 discussion paper,[object Object],2007 exposure draft,[object Object],2009 final standard,[object Object],To be updated and improved every 3 years,[object Object]
IFRS TRANSITION: Earliest dates?,[object Object]
Current not for profit accounting framework,[object Object]
Future framework for charities,[object Object],Financial Reporting Standard for Public Benefit Entities,[object Object]
Future framework for charities,[object Object],Financial Reporting Standard for Public Benefit Entities,[object Object]
The FRSPBE,[object Object]
FRED 45: FRS for Public Benefit Entities,[object Object],Application of financial reporting requirements,[object Object],Concessionary loans,[object Object],Property held for the provision of social benefits,[object Object],Entity Combinations,[object Object],Impairment,[object Object],Funding Commitments,[object Object],Incoming Resources from non exchange transactions,[object Object],Heritage assets,[object Object],FRSPBE,[object Object]
1. Definition of a PBE,[object Object],“An entity whose primary objective is to provide goods or services for the general public, community or social benefit and where any equity is provided with a view to supporting the entity’s primary objectives rather than with a view to providing a financial return to equity providers, shareholders or members.”,[object Object],[object Object]
Important factor = primary purpose of entity is not to provide economic benefits to investors
 Absence of investors = a PBE?
Unclear for certain types of membership organisations (e.g. trade unions, professional bodies)
Members could be considered “investors” and their annual subscriptions “equity”?
Primary purpose is to provide economic benefits to members?,[object Object]
3. Property held for the provision of social benefits,[object Object],[object Object]
What is the primary purpose?
Beware:
Future developments on investment definitions
Potential developments in lease accounting,[object Object]
Merger accounting
no party to the combination is portrayed as either acquirer or acquiree
there is no significant change to the class of beneficiaries of the combining entities or the benefits provided as a result of the combination
Equal participation of each of the combining partiers in determining management structure and personnel, with decision being taken on the basis of consensus rather than purely by exercise of voting rights
Combinations that are in substance a gift
Usually nil consideration
Net assets received = credit to income

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