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'Impractical' charity accounting standards slammed

Author
Sam Thompson ,
Publish Date
Tue, 15 Sep 2015, 12:50pm
(Getty Images)
(Getty Images)

'Impractical' charity accounting standards slammed

Author
Sam Thompson ,
Publish Date
Tue, 15 Sep 2015, 12:50pm

The Salvation Army has slammed new accounting standards for charities as impractical.

Incoming standards for non-profit accounting will require large charities to record all donated goods in financial records.

Accounting firm BDO is urging charities to make submissions in support of a much more practical option.

Salvation Army Spokeswoman Lieutenant Colonel Lynette Hutson said it would make much more sense to record goods when they're sold, rather than when they're received.

"If you try and estimate the value of the goods and to do that exercise is a stock take, would be more costly than what we generate from the sale of the goods."

"It is impractical, and I must emphasise we are not trying to avoid being accountable. We are a charity and we are trying to raise funds for the good of the community."

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