Presentation
The statement of comprehensive income under FRS 1 requires all revenues / gains and expenses / losses to be included in the statement, with details disclosed in the notes. Fund accounting remains the key feature of charity accounting. CAS requires the statement of financial activities (SOFA) to show all incoming resources and resources expended in the year on all funds separately including capital gains and losses, and a reconciliation of movements in a single statement (SOFA). Unlike FRS, there is no statement of changes in equity as there are no owners. This will be clearer to the public as it shows, at one glance, how the charity receives and uses resources in furtherance of its objects.
Unlike the FRS, a third balance sheet is not required when there is restatement / reclassification in prior year figures. This will lower the cost of preparing financial statements.
Presentation
The statement of comprehensive income under FRS 1 requires all revenues / gains and expenses / losses to be included in the statement, with details disclosed in the notes. Fund accounting remains the key feature of charity accounting. CAS requires the statement of financial activities (SOFA) to show all incoming resources and resources expended in the year on all funds separately including capital gains and losses, and a reconciliation of movements in a single statement (SOFA). Unlike FRS, there is no statement of changes in equity as there are no owners. This will be clearer to the public as it shows, at one glance, how the charity receives and uses resources in furtherance of its objects.
Unlike the FRS, a third balance sheet is not required when there is restatement / reclassification in prior year figures. This will lower the cost of preparing financial statements.
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