Rose Conway Walsh (Sinn Fein)
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I know from some of today's media coverage that Benefacts has raised the fact that charities are not publishing their financial information in full. The Companies Act 2014 made it possible for charities to produce abridged accounts, and it is true that most of them do that instead of publish full accounts. This approach may be encouraged by accountants, and if charities legally do not have to publish full accounts is it the case that accountants are advising them to publish abridged accounts? It is difficult to imagine that any organisation would go against the advice of its accountants. Can the witnesses address that issue? The Charities Regulatory Authority is currently developing a financial reporting standard for charities, and we are aware that it will more than likely require all charities which are subject to audit to produce and publish non-abridged accounts. Is it the case that, while these financial reporting standards do not currently apply to the unincorporated charities, there is a provision contained within the Companies (Miscellaneous Provisions) Bill 2013 which would close that loophole? I would appreciate the witnesses' viewpoint on that issue.