Performing A U-Turn

In our autumn 2011 charities newsletter we reported on the UK Accounting Standards Board's (ASB) proposed public benefit entity accounting standard, the FRSPBE, which was issued in exposure draft form for comment in March 2011. Since the publication of that newsletter, the ASB has decided to incorporate the requirements of the FRSPBE into the Financial Reporting Standard for Medium-sized Entities (the FRSME) and not issue separate guidance for public benefit entities (PBEs). The ASB has also decided to update the Financial Reporting Standard for Smaller Entities (the FRSSE) to require PBEs to have regard to the PBE requirements of the FRSME.

We noted in the previous edition that the effective date for application of the new accounting standards had been put back from July 2013 to January 2014. However, in November 2011 the ASB announced that this was likely to be postponed even further, to 1 January 2015. This delay may have a knock-on effect on the publication of