More help with new charity accounting standards

An example of the use of the new Charities SORP (accounting standard) under the Financial Reporting Standard for Smaller Entities (FRSSE) has been published on the Charity SORP website, at http://www.charitysorp.org/about-the-sorp/example-trustees-annual-reports/. The example is for a fictional grant-making charity trust, and is the first of two.

The latest Charity Commission News (49, January) states that a new ‘accruals pack’ (CC17), to be used by charities as they prepare their year-end accounts for  financial years beginning 1st January 2015 or later, will be ready by the end of 2015. The current pack is only suitable for charities reporting under SORP 2005 (for accounting periods which started before 1st Jan 2015).