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).  

Responses to the SORP consultation published

The Joint-SORP making body has published the consultation responses. The Update Bulletin to amend the SORPs due to changes in UK-Irish Generally Accepted Accounting Practice (GAAP) that take effect in 2016 has been submitted for FRC approval. These changes affect the Charities SORP (FRS 102) and also the Charities SORP (FRSSE). The Charities SORP (FRSSE) will not apply from 2016.

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

Does your charity prepare accounts on an accrual basis?