Changes to the charity accounting regime

Civil Society Media reports (http://www.civilsociety.co.uk/finance/news/content/15162/) that the new version of the accounting standard for charities (SORP), was likely to be approved for consultation at the meeting of the Accounting Council on 16th May (Update: it was).

The revision is needed due to the introduction of Financial Reporting Standard 102, effective for financial years commencing on or after 1st January 2015. The revised charity SORP based on this is due to be out in July for consultation by the Charity Commission and OSCR, the Scottish regulator. It will include additional guidance for charities using the Financial Reporting Standard for Small Entities (FRSSE), which is available for most as small is defined as an income of less than £6.5 million.

For more background, see ‘We are all public-benefit-entities now’ http://www.civilsociety.co.uk/finance/blogs/content/15066/. (Additional information from Sayer Vincent May newsletter)

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