Accounting for friendly, mutual and co-operative societies

We also maintain pages on Accounting for charities together with Accounting for registered social landlords and Accounting for football clubs.

Croner-i Audit and Accounting Sector Guides

Croner-i publishes a Clubs and Associations guide that provides auditors and accountants with the specialist knowledge required when working with clubs and societies registered in the UK. It focuses on starting up, registering and administering a society and provides an overview of key legislation. An overview of financial reporting and audit requirements for clubs and societies is also included.

To find out more, please contact the Library enquiry team on +44 (0)20 7920 8620 or at library@icaew.com. Access to this resource is for ICAEW members and students only.

Financial Conduct Authority (FCA)

Mutual societies
Information on mutual societies, including registering and authorisation with the FCA. This includes:

• co-operative societies, community benefit societies and pre-commencement societies (previously known as industrial and provident societies)
• credit unions
• building societies
• friendly societies

Mutual societies forms
Relevant forms and notes for co-operative and community benefit societies, friendly societies, credit unions and building societies.

Annual returns and accounts: mutual societies
Information for mutual societies on how to submit annual returns and accounts with the FCA.

Auditing requirements for co-operative and community benefit societies
Guidance on accounting and audit requirements for co-operative societies and community benefit societies. Includes an audit decision tool to help co-operative and community benefit societies understand whether they may need to appoint a qualified auditor.

Financial Reporting Council (FRC)

The FRC has published a number of Practice Notes relating to the audit of societies including:

• PN 19 (Revised): The Audit of Banks and Building Societies in the United Kingdom
  Guidance on the audit of banks and building societies in the UK. Published in July 2019.
• PN 20 (Revised): The Audit of Insurers in the United Kingdom
  Provides guidance to auditors of insurers and friendly societies carrying on insurance business in the UK. Replaced PN24 on the audit of friendly societies. Published in January 2017.

Co-operatives UK

Community Shares Finance Guide
Guide for directors, trustees and staff of co-operative, community benefit and charitable community benefit societies covering the management of community share capital. The section on Accounting for community shares covers a number of areas including annual returns, accounts and audit requirements for the different types of society with links to more detailed resources for accountants and practitioners.

Community Shares Handbook
Guidance for societies and practitioners who provide advice on community shares. Includes an introduction to community shares for business advisers, an overview of co-operative and community benefit society legislation and good practice in relation to the promotion of community shares. Also covers share interest and the use of profit or surplus and the tax treatment of societies and their members.

Charities SORP information sheet for Community Benefit Societies
Information sheet designed to assist practitioners in implementing the Charities SORP (FRS 102) in relation to the preparation of accounts for Charitable Community Benefit Societies with specific reference to their use of community shares. The information sheet has not yet been formally published by the SORP making body and is being made available by Co-operatives UK for reference.

The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

• Accounting for charities and the Charities SORP
  Articles, books and online resources providing quick links to practical guidance and background knowledge on accounting for charities and the Charities Statement of Recommended Practice (SORP).
• Accounting for registered social housing providers
  Articles, books and online resources providing quick links to the Housing Statement of Recommended Practice (SORP), guidance and background information.
• Accounting for football clubs
  A collection of articles, books and online resources providing practical guidance and background knowledge.
• Credit unions
  Business and industry guide on credit unions with links to market research, statistics, legislation, trade bodies and journals.
• Community benefit societies and community interest companies
  A collection of resources on community benefit societies and community interest companies including model documents, articles, books and links.

• View a list of articles and books in our collection on friendly societies
• View a list of articles and books in our collection on co-operative or community benefit societies
• View a list of articles and books in our collection on building societies
• View a list of articles and books in our collection on credit unions

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.