Financial reporting standards for
non-profits are up for consultation. Pesh Framjee considers the key
issues.
The Accounting Standards Board (ASB) has published FRED 45,
Financial Reporting Standard for Public Benefit Entities (FRSPBE),
which sets out proposals for specific financial reporting requirements
for public benefit entities (PBEs).
Hot on the heels of FRED 44, Financial Reporting Standard for
Medium-Sized Entities (FRSME), which is currently at proposal stage,
FRSPBE will be a ‘differences-only’ standard, identifying
where there are omissions in Financial Reporting Standards (FRS) that
need addressing for PBEs. The FRSPBE is a welcome development and
there is much value in bringing together PBE-specific key issues.
