Charity and Voluntary Sector
CC: The Charities Act 2006 creates a range of new accountancy & reporting provisions, many of which will be implemented later this year. The Office of the Third Sector has launched a sector consultation to help decide how these changes will be implemented and supported by regulations.
- The audit & independent examination arrangements in the Charities Act to apply to small charitable companies
- A framework for the preparation & audit of group accounts under the Charities Acts
- Clearer whistleblowing duties & protection for auditors
- Use of the Trustees' Annual Report to report public benefit
- An update of the accounting requirements for common investment funds
This consultation closes 14 September 2007 and, subject to Parliamentary approval of the draft section 77 Order and draft 2007 Regulations, it is proposed that the changes take effect from 1 January 2008 and apply to the financial years of charities beginning on or after that date.