Customise the FRS 102 SORP- reporting period

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:  http://www.charitysorp.org/download-a-full-sorp/

Does your reporting period both begin after 1 January 2015 and before 1 January 2016?