The External Reporting Board (XRB) is doing some great work developing the new accounting standards and guidance for Not For Profit entities that are able to apply Simple Format Financial Reporting.
These are Tiers 3 & 4 entities – click here to view table
The needs of Not For Profits are well represented in this process via a sector working group. The next phase will be release of draft financial reporting standards, expected in December, with a 6-month consultation period. The XRB, ANGOA and DIA Charities will jointly organise 20 Seminars around the country in March and April of 2013, gathering feedback on the draft standards.