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 update Bulletin published

The Joint-SORP making body has published the Update Bulletin which amends the Charities (SORP) FRS 102 following changes to UK-Irish accounting effective for reporting periods beginning on or after 1 January 2016. The Update Bulletin deals with the withdrawal of the FRSSE, redefines ‘larger charity’ and requires a  Statement of Cash Flows only of larger charities, rather than of all charities reporting under FRS 102.

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

Does your charity prepare accounts on an accrual basis?