Charities SORP approved for publication
The Financial Reporting Council has approved two new Charities Statements of Recommended Practice (SORP) for publication. The SORPs are due to be published in early July 2014.
The new SORPs have been developed to support charities implementing the new UK Generally Accepted Accounting Practice which will take effect for financial years beginning on or after 1 January 2015.
They are intended to provide guidance to charities applying the Financial Reporting Standard for Smaller Entities (FRSSE 2015) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Key action point:
- Charities should familiarise themselves with the new SORPS and seek advice if they have any concerns or queries on the new requirements.