Committee promotes co-operative accounting

Successful co-operative accounting is one of the aims of the Co-operative Performance Committee this year.

A part of Co-operatives UK, the committee  aims to improve the accounting standards of co-operatives throughout the UK, with a clear focus on financial reporting as well as Corporate Social Responsibility principles.

Committed to becoming the leaders in field, the CPC will now focus its efforts on three key objectives: to help members improve performance by effective communication of targets and benchmarks; to continue to fight the co-operative corner with national and international standard setters and to improve and build an effective network within Co-operativesUK’s member organisations and internationally.

Phil Holmes, Secretary of the CPC and Finance Manager at Co-operatives UK, said: “The CPC has made excellent progress in terms of performance measurement and reporting since the merger last year, and now we are determined to step this up a gear in 2010 and be recognised as the leaders of best management practice for co-operatives.

“We want to engage with all forms of co-operatives, big and small – consumer, worker and others – to advise and assist accounting professionals in all areas of Corporate Social Responsibility accounting and financial reporting.”

The CPC has  already held a Round Table discussion last week  for all retail society accountants, and is also responding to the Accounting Standards Board’s consultation paper on ‘The Future of UK GAAP’ -The Generally Accepted Accounting Practice in the UK – which will be submitted in February.

UK GAAP is the  regulation establishing how company accounts must be prepared, which not only includes accounting standards, but also UK company law.

Said Mr Holmes: “It is imperative that the consultation paper includes as many members’ views as possible and so we are encouraging all members to get in touch in order that we can best reflect the views of the co-operative movement.”

Members can contact either the Accounting Standards Board directly or send their views to Mr Holmes [email protected] before February 1st.

To find out more about and the Co-operative Performance Committee (CPC), the round table event or The Future of UK GAAP paper, contact Mr Holmes on 0161 246 2910 or the above email address. 

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