New accounting standards proposed for charities

New accounting standards proposed for charities: "New accounting standards proposed for charities
By Theresa Tan
'These draft proposals reflect our aspirations to promote greater transparency and accountability of the charity sector by improving the standards of financial accounting and reporting,' said Mr Low (above). -- PHOTO: ZAOBAO
IN a move to ensure more transparency and accountability, the Accounting Standards Council (ASC) is proposing that all charities comply with one set of its new accounting standards, regardless of their size or status.

Mr Low Puk Yeong, Commissioner of Charities, who is also chairman of the ASC committee for charities, said the draft proposals have taken into account feedback given by the charity sector, auditors and public donors."