New charity accounting standards proposals soon

The Financial Reporting Council, the accounting standards body for the UK, has announced that a new financial reporting standard, FRS 102, is due to be published in “the next couple of weeks”. A consultation on the new charity SORP (Statement of Recommended Practice) would then follow, probably this summer.

“After the biggest overhaul in financial reporting standards in a long time we are likely to see a very different charity Sorp”, the Charity Finance Group is reported as saying by Civil Society Media http://www.civilsociety.co.uk/finance/news/content/14627/.