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Charities Act 2009 - Charity Accounting and Financial Reporting

Charities Act 2009 - Charity Accounting and Financial Reporting. Úna Ní Dhubhghaill Charities Regulation Unit Department of Justice and Equality. Charities Act 2009 - Charity Accounting and Financial Reporting. Implementation process Legislative framework

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Charities Act 2009 - Charity Accounting and Financial Reporting

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  1. Charities Act 2009 - Charity Accounting and Financial Reporting Úna Ní Dhubhghaill Charities Regulation Unit Department of Justice and Equality

  2. Charities Act 2009 - Charity Accounting and Financial Reporting • Implementation process • Legislative framework • Relevant messages from Department of Justice and Equality consultation on implementation of Charities Act • Interaction with this process

  3. Charities Act 2009 - Implementation Process • Context • Charities Act enacted 2009 • To introduce comprehensive new system for the statutory regulation of charities • Remains Government policy despite implementation delay • Consultation process on proposed scaled down implementation – January to March 2013 • Current position • July 2013 – Government gave its approval to the establishment of a Charities Regulatory Authority and published the outcome of the consultation • Planned next steps • Appointments process • Period of shadow operation • Formal establishment • Anticipated timeframe • Appointments envisaged before end 2013 • Authority to begin operation in 2014

  4. Charities Act 2009 – Accounting and Financial Reporting Provisions • Sections 47 to 54 of the Act • Duty to keep proper books of account (s.47) • Applies to all charities • Annual statement of accounts (s.48) • Minister may make regulations on form and content of statement • Section does not apply to all charities • Annual audit or examination of accounts (s.50, 51) • Minister may set audit thresholds by regulation • Minister may make regulations on duties of auditor • Section does not apply to all charities

  5. Charities Act 2009 – Consultation on Implementation • “What information would you like to see included in the annual financial reports provided by registered charities to the Charities Regulatory Authority?” • “where does the money come from and where does it go?” • Proportionality vs. consistency/comparability • SORP “Sufficient to get a true picture.”

  6. Charities Act 2009 - Charity Accounting and Financial Reporting • A means to an end…or to several ends… • effective use of charity property; • compliance by charity trustees with their duties in the control and management of charities; • accountability of charities to their donors and beneficiaries and to the public; • public trust and confidence in the management and administration of charities. …supporting behaviours and practices that will help to achieve these goals… …helping charities to fulfil their charitable purpose as best they can…

  7. Charities Act 2009 - Charity Accounting and Financial Reporting Úna Ní Dhubhghaill Charities Regulation Unit Department of Justice and Equality

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