Housing associations will be required to adopt the new financial reporting regime for accounting periods starting on or after 1 january 2015 with the comparative balance sheet and opening comparatives requiring. This section details the external reporting requirements for housing associations including legislation external reporting the three main external reports for registered housing associations associations are their annual audited report and accounts the regulatory standards annual return rsar and their quarterly returns. Risks for housing associations in the face of benefit reforms need to be flagged by auditors the financial reporting council frc recently published practice note 14 revised the audit of housing associations in the united kingdom for consultation. International standards being introduced in 2015 will lead to the biggest shakeup in uk financial reporting for decades says stuart ropke the impact on housing associations loan covenants . International journal of business and social science vol 4 no 10 special issue august 2013 169 the impact of international financial reporting standards on taxation
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