FRC approves Charities SORP for publication

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02 Jun, 2014

The Financial Reporting Council (FRC) has approved, for publication, the Charities Statement of Recommended Practice (“the Charities SORP”) developed by the Charity Commission for England and Wales (Charity Commission) and the Office of the Scottish Charity Regulator (OSCR).

The Charities SORP sets out the accounting and reporting requirements of 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.  An Exposure Draft was issued in July 2013 and, following a period of consultation, a number of changes were made to the Charities SORP as reflected in our March 2014 news item.   

Additionally, the FRC has approved the separate SORP based on the Financial Reporting Standard for Smaller Entities (FRSSE).

It is expected that the two new SORPS will be published on the Charity Commission SORP micro-site in the summer and “possibly as early as July”.

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