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

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:

• Audit of clubs, associations and societies

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 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).

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.

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.