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Which accounting standard do I use for clubs, associations and societies?

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Published: 10 Jul 2018 Reviewed: 15 Jul 2019 Update History

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Technical helpsheet to help ICAEW members to understand which accounting standards apply to different types of clubs, associations and societies.

Introduction

This helpsheet has been issued by ICAEW’s Technical Advisory Service to help ICAEW members to understand which accounting standards apply to different types of clubs, associations and societies and provides the justification for their use.

Members may also wish to refer to the following related helpsheet:

Clubs and associations

Clubs and associations subject to the Co-operative and Community Benefit Societies Act 2014 are required by section 80 of the Act to prepare accounts which give a true and fair view. Therefore this requirement would necessitate compliance with current UK GAAP and FRS 102 (or FRS 102 1A where appropriate).

Friendly societies

Friendly societies are registered under either the Friendly Societies Act 1974 or the Friendly Societies Act 1992.

For those governed by the 1974 Act, section 30 requires every revenue account and balance sheet of a registered society or branch to give a true and fair view. For those governed by the 1992 Act, section 70 requires the balance sheet and income and expenditure account to give a true and fair view. The requirement to give a true and fair view would necessitate compliance with current UK GAAP, and FRS 102 (or FRS 102 1A where appropriate).

Other similar entities

If the entity is not subject to any statutory requirement to prepare accounts that give a true and fair view then the constitution or governing document of the entity may require this.

If in doubt seek advice

ICAEW members, affiliates, ICAEW students and staff in eligible firms with member firm access can discuss their specific situation with the Technical Advisory Service on +44 (0)1908 248 250 or via webchat.

Terms and conditions

© ICAEW 2024  All rights reserved.

ICAEW cannot accept responsibility for any person acting or refraining to act as a result of any material contained in this helpsheet. This helpsheet is designed to alert members to an important issue of general application. It is not intended to be a definitive statement covering all aspects but is a brief comment on a specific point.

ICAEW members have permission to use and reproduce this helpsheet on the following conditions:

  • This permission is strictly limited to ICAEW members only who are using the helpsheet for guidance only.
  • The helpsheet is to be reproduced for personal, non-commercial use only and is not for re-distribution.

For further details members are invited to telephone the Technical Advisory Service T +44 (0)1908 248250. The Technical Advisory Service comprises the technical enquiries, ethics advice, anti-money laundering and fraud helplines. For further details visit icaew.com/tas.

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Changelog Anchor
  • Update History
    01 Jul 2018 (12: 00 AM BST)
    First published
    05 Apr 2024 (12: 00 AM BST)
    Changelog created. Converted to new template. Links updated. Helpsheet has not had a full review
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