Choosing the right SORP

The Charity Commission and the Office of the Scottish Charity Regulator, as the joint SORP-making body for charities, have developed two SORPS, one to support the Financial Reporting Standard for Smaller Entities (FRSSE) and one to support the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).  

SORP Committee: get involved

Recruitment is in progress for membership of the new SORP Committee (closing date 3 November). SORP Committee members are drawn from jurisdictions which have a charity regulator and prepare accounts under UK-Irish Generally Accepted Accounting Practice. Applications are welcomed from charities, charity umbrella groups, funding organisations, accountancy firms and academics, including those without an accounting background.

Light bulbTo see if a SORP applies to your charity, answer the following question:

Does your charity prepare accounts on an accrual basis?