Choosing the right SORP

The Charity Commission and the Office of the Scottish Charity Regulator, as the joint SORP-making body for charities, have developed two SORPS. For reporting periods starting on or after 1 January 2016 all charities must follow, the Charities SORP (FRS 102) that applies the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charities SORP (FRSSE) is only an option for financial years starting before 1 January 2016.

SORP research exercise now closed

The Joint-SORP making body research consultation on changes that might usefully be made to the Charities SORP (FRS 102) has now closed. This consultation closed on 11 December 2016. The outcome of the SORP research exercise will now be analysed by CIPFA and it will then be discussed at the SORP Committee’s March 2017 meeting . In the meantime to view the individual responses do visit the CIPFA consultation web page.

Light bulbTo see if a SORP applies to your charity, answer the following question:

Does your charity prepare accounts on an accrual basis?