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.

Customise Your SORP updated

The Customise Your SORP option has been updated for the loss of the FRSSE accounts preparation option with the requirement now on preparers to all follow the Charities SORP (FRS 102) with effect for reporting periods beginning on or after 1 January 2016. The FRSSE option is still available for reporting periods beginning before 1 January 2016.

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

Does your charity prepare accounts on an accrual basis?