On 8 July 2013 the Charity Commission issued a consultation on the exposure draft of the new Charities Statement of Recommended Practice (SORP). The new draft SORP has been developed by the Charity Commission, the Office of the Scottish Charity Regulator and the Charities SORP committee.
The SORP provides documented guidance for reporting for charities preparing financial statements on an accruals basis and which aim to show a true and fair view. The new proposed updated SORP has been developed as a result of the recent changes to the accounting framework introduced by the Financial Reporting Council (FRC) applicable in the UK and the Republic of Ireland for financial years beginning on or after 1 January 2015. The current proposals are for the new SORP to apply to the same reporting period as the new accounting framework.
The exposure draft has been divided into a number of different sections in order to make this more accessible for the users of the SORP to review the sections that apply specifically to them, with provisions being made available to either view the entire exposure draft or only those specific relevant sections.
The Charity Commission has issued a document called ‘invitation to comment’, setting out a number of areas where comments and views are welcomed. Responses to the consultation can be completed via an e-form on the website, email or post. Further details on the consultation and provisions for commenting can be found atwww.charitysorp.org.
As charity specialists we will be undertaking a thorough review of this documentation and providing comment where we consider necessary.
If you require assistance complying with the SORP or would like any further information or advice, please contact Sarah Graves on 01228 711 888.
Posted: July 17th, 2013