A new SORP, or rather, two new SORPS have been issued for charities for accounting periods beginning on or after 1st January 2015.
Save the date
To help charity finance staff and Trustees get to grips with the new legislation, Lang Bennetts will be holding a briefing session on 15th October at our Truro office.
To register your interest in attending, please contact Lang Bennetts’ Charities partner, Jonathan Mashen at email@example.com or the Charities Manager, Paul Burrows at firstname.lastname@example.org. Alternatively both can be reached by telephone on 01872 272047.
Background to the changes
The new SORPs have been issued to take account of international financial reporting standards which have been incorporated into an entirely new accounting framework for the UK which will replace all current UK accounting standards.
Why two SORPs?
Smaller charities are able to take advantage of a simpler version of the SORP, based on the new FRSSE whereas larger charities will prepare their accounts in accordance with a SORP based on FRS 102.
Sounds a long way off? We don’t need to worry about this yet.
Charities will need to consider how the new SORP will affect them a year earlier as the first set of accounts to be produced under the new regulations will need to show figures for the previous year prepared in accordance with the new regulations.
For most charities this will mean 1st January 2014, or for those with March year ends, 1st April 2014.