Charities SORP

Application guidance for charity accounting

COVID-19 control measures and financial reporting by charities

The SORP-making body has published guidance for trustees and preparers of charity accounts looking at the potential impact of the control measures to contain COVID-19 on financial reporting by charities. The guidance considers the implications for the trustees’ annual report, going concern and the alternative basis to going concern when preparing accounts under the SORP:

Implications of COVID-19 control measures and charity financial reporting: PDF | Microsoft Word

Other sources of advice

The SORP-making body is keen to signpost to other sources of authoritative advice regarding accounting issues posed by COVID-19:

Trustees may also find the FRC’s guidance to company Directors helpful when looking at their assessment of going concern:

The ICAEW Charity Finance Professional Community has produced advice on resolving common accounting issues:

The ICAS has developed some guidance to assist charities consider going concern issues:

There is the full guidance:

And summary guidance with a short video clip:

The CAI have a dedicated COVID page identifying various sources of helpful guidance, albeit aimed mainly at for-profit entities: