Report: Global charities support nonprofit accounting standard

03/4/2014 | Civil Society Media (U.K.)

A report commissioned by the Consultative Committee of Accountancy Bodies, which surveyed charities, accountants and regulators from 179 countries, found that 72% of the respondents favored developing an international standard for nonprofit organizations. "This report clearly demonstrates that there is desire for some kind of international standard for the not-for-profit sector, though further work is needed on what form this might take. Strengthening transparency and accountability, while potentially reducing costs through consistency in reporting requirements, would go a long way in supporting nonprofit organizations, donors and those they serve around the world," said Ian Carruthers, chairman of the study and director of policy at the Chartered Institute of Public Finance and Accountancy.

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Civil Society Media (U.K.)