Charity SORPs guidance and advice
The revised Charity Statements of Recommend Practice (SORPs) 2015 and Financial Reporting Standard 102 herald the most significant changes affecting charity financial reporting in over a decade. There are two versions of the SORPS, one based on FRS 102 and the other based on the Financial Reporting Standard for Smaller Entities, although the latter has been withdrawn and hence is not available for accounting periods ending after 31 December 2015. Both SORPs are daunting in their volume and hence we realise that charities are seeking straightforward guidance and practical solutions for the changes you will need to make. Our advice is based on our extensive experience from our involvement at a standard setting level, including within the Charity SORP Committee, as well actually implementing the changes.
This part of our website brings together all our guidance material on the Charity SORPs 2015 and will be continually updated when issues arise as charities implement the new regime. Our aim is to make compliance as easy as possible and to promote the benefits of good financial reporting. Should you require further guidance, our “Fit for consumption” advice will ensure you have appropriate and compliant financial reporting.
Charity SORP Webinar
Every charity has to face the challenge and take the opportunity provided by the new SORPs. In this webinar Sudhir Singh, Sally Knight and Chris Harris explain the key changes in accounting and reporting that apply to charities from 1 January 2015 and consider the essential questions for charities. These include:
- What are the most significant changes?
- What is the best way to present the trustees report to meet the new requirements?
- Will the new rules affect the financial position of the charity?
- How should my charity prepare for the transition?
Charity SORP Guides
Our specialist SORPs guidance to charities include:
- Firing up your trustees' reports
- The new charities SORPs
- Holiday pay accruals
- A Not for Profit briefing- The new charity SORPs
- A comparison of Statement of Financial Activities (SOFA) layout to SORP 2005
- Going concern: Challenges and responsibilities
- How to recognise legacies under FRS102 SORP 2015