Registered charities and Institution(s) of a Public Character (IPCs) can convert to adopt the Charity Accounting Standard (CAS) as their financial reporting framework after the respective implementation dates as specified in Paragraph 3 of the Financial Reporting Framework for Charities Statement of Applicability. That said, please note that if the charity or IPC is holding a significant investment in any subsidiary, associate or joint-venture which is not a charity, the charity or IPC will have to adopt Financial Reporting Standard (FRS) instead of CAS.
Please note that the financial reporting framework is based on a financial year (FY) basis and the charity or IPC is recommended to stick to the newly adopted framework when a charity or IPC has decided to adopt one framework over the other; i.e. FRS or CAS, unless there are compelling reasons to revert to the previous framework. The auditor will also have to state in the audit report which framework the charity is adopting. Additionally, when the charity or IPC makes its annual submission of Financial Statements on the Charity Portal, please ensure that the charity or IPC check the radio button which framework is adopted when preparing the FS for the respective FY.