Comment deadline for Charity SORP ED
The Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) have published an Exposure Draft on a new Statement of Recommended Practice (SORP) which sets out a new framework for charity accounting and reporting.
The Exposure Draft (link to Charities Commission SORP micro-site) sets out proposals for accounting and reporting by charities in the context of the new accounting framework introduced by Financial Reporting Standard (FRS) 102 applicable in the UK and Republic of Ireland for financial years beginning on or after 1 January 2015. The Exposure Draft is also relevant to smaller charities that may choose to prepare their accounts under the Financial Reporting Standard for Smaller Entities (FRSSE). It is anticipated that the SORP will have the same effective date as application of FRS 102.
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