24 Jun '11, 10am

Charity sector to get public confidence boost

SINGAPORE: Simpler and more transparent - that is what a new Charities Accounting Standard is hoping to help charities achieve when they file their financial reports. It's part of efforts to improve governance and raise public confidence in the charity sector. Currently, there is no specific financial reporting framework for charities. Some charities rely on standards which are widely used by commercial entities, such as the Financial Reporting Standards. These may not always be suitable, according to some charities. From next month, they can use a simpler system put in place by the Accounting Standards Council and the Office of the Commissioner of Charities. With the Charities Accounting Standard, stakeholders will be able to get a clearer picture of a charity's financial status. It covers areas such as disclosure of income and expenditure, measurement of assets at cost, ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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