The option of the FRS 102 SORP is available for reporting periods beginning on or
after 1 January 2015; however some mandatory changes take effect for later
reporting periods beginning on or after 1 January 2016. If your reporting period
begins on or after 1 January 2016 you must use both the FRS 102 SORP and the
Update Bulletin 1 for these later reporting periods. If you wish, you can adopt
the provisions of the Update Bulletin 1 early then the main advantage is that
under the Update Bulletin 1 only larger charities have to provide a Statement of
Cash Flows. Prior to Update Bulletin 1 all charity’s following FRS 102,
irrespective of size, must prepare a Statement of Cash Flows.
To read the Update Bulletin click here:
Does your reporting period both begin after 1 January 2015 and before 1 January 2016?