Charities Accounting Standard (CAS) was introduced by the Singapore Accounting Standards Council on 24 June 2011 tailored to simplify the compliance for small charities, societies and companies limited by guarantee. It is straightforward and minimises financial information disclosures that are relevant to your organisation while increases transparency and accountability in financial reporting to the donating public and other stakeholders.
By and large, the adoption of CAS will be mostly ‘one-off’ changes to your accounting systems and implementation of CAS would have fewer revisions and additions of new financial reporting requirements in the future compare to FRS.
The slow adoption of CAS could be due to the lack of understanding of the financial reporting requirements, unfamiliarity and resistance to change. For the long term benefit of conversion to CAS and the betterment of your organisation, please do not hesitate to approach us at Tan, Chan & Partners for one stop accounting solution / consultation for CAS adoption at a nominal fee.
Read more: Benefits of adoption of Charities Accounting Standard (CAS) and Differences between Singapore Financial Reporting Standards (FRS) and CAS.
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