In July 2014, the Charity Commission and Office of the Scottish Charity Regulator (“OSCR”) published the new Charities Statement of Recommended Practice, known as the “SORP”.
The culmination of much debate and deliberation, drafting and delay, the SORP sets out the accounting treatment that charities should follow when preparing their accounts.
As I have previously blogged, there are in fact two SORPs: one for those charities reporting under full UK accounting standards, Financial Reporting Standard 102 (“FRS 102”), and one for charities that adopt the reduced disclosure framework FRSSE (or the Financial Reporting Standard for Smaller Entities).
The SORPs come into effect for accounting periods commencing on or after 1 January 2015.
The SORPs reflect the changes brought about as a result of FRS 102, but also include new and updated guidance for technical areas affecting the sector.
Information about the impact of the new SORPs can be found on our website.
For information on the key changes affecting those charities adopting the FRS 102 SORP, please download our guide or get in touch.
Guide to new Charities SORP – FRS 102
Updated: Changed hyperlink to PDF guide Dec 2020.
The information in this article was correct at the date it was first published.
However it is of a generic nature and cannot constitute advice. Specific advice should be sought before any action taken.
If you would like to discuss how this applies to you, we would be delighted to talk to you. Please make contact with the author on the details shown below.
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