Charity specialists at Hacker Young accountants are highlighting the need under the new charity accounting standards for short-term employee benefits to be accrued. Note that this requirement doesn’t apply to smaller charities using the FRSSE SORP.
Those abiding by the SORP FRS 102 version may need to account for the accrued holiday entitlements not yet taken at the financial year end (excluding what employees can’t actually carry forward). This obviously impacts record keeping requirements. Read more in ‘Holiday pay accruals and other employee benefits‘.