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Financial Reporting for Large Charities

Financial Reporting for Large Charities

In early November 2017 the External Reporting Board (XRB) released a new accounting standard, PBE FRS 48 Service Performance Reporting. This standard establishes mandatory requirements for Tier 1 and Tier 2 public benefit entities to present service performance information within their annual financial statements.

The standard is mandatory for all Charities with operating expenditure in excess of $2m and is effective for accounting periods commencing on or after 1 January 2021 (early adoption permitted).

If you are considering early adoption or require guidance in relation to this or any other not-for-profit standard, please get in touch with your local Staples Rodway representative.

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