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Creating a level playing field in accounting and reporting - launch of consultation to implement new accounting and reporting changes
The Charities Act 2006 creates a range of new accountancy and reporting provisions, many of which will be implemented later this year. The Office of the Third Sector today launches a sector consultation to help decide how these changes will be implemented and supported by regulations. Key changes include:
* The audit and independent examination arrangements in the Charities Act to apply to small charitable companies.
* A framework for the preparation and audit of group accounts under the Charities Acts.
* Clearer whistleblowing duties and protection for auditors.
* Use of the Trustees' Annual Report to report public benefit.
* An update of the accounting requirements for common investment funds.
The Commission's Chief Executive, Andrew Hind, said:
"These proposals will create a level playing field for the audit and examination of company and non-company charities and give legal recognition to the group structures that charities now often adopt. The proposals simplify the scrutiny framework and give a boost to accountability by setting out proposals for how the public benefit of a charity's work might be reflected in a charity's annual report."
The consultation documents and partial regulatory impact
assessments can be downloaded from the Office of the Third
Sector's website at
and the Charity Commission's website at: http://www.charitycommission.gov.uk/news/pbaccrepnews.asp
Notes to editors:
1. The Charity Commission is the independent regulator for charitable activity in England and Wales. See http://www.charitycommission.gov.uk for further information or call our contact centre on 0845 300 0218.
2. Office of the Third Sector is the department responsible for charity law and regulation affecting charities in England and Wales. See http://www.cabinetoffice.gov.uk/third_sector/ for further information.