Due to changes in company accounting resulting from the implementation of an EU Accounting Directive, changes are to be made to UK-Irish Generally Accepted Accounting Practice (GAAP). These changes will take effect from 1 January 2016. The role of a Statement of Recommended Practice (SORP) is to provide application guidance to GAAP. If GAAP changes so must the SORP.
The changes that affect your charity/charity client depend upon which SORP your charity/charity client has chosen to follow. Please familiarise yourself with the coming changes. The consultation closed on 18 September 2015. Your feedback will be posted. See SORP consultation – Your views sought.
The Joint SORP-making body in partnership with the Charities SORP Committee is also seeking your views on topical issues that the SORP should look at in the future. We plan to use your comments and ideas to inform future changes to the trustees' annual report and disclosures of items in the notes to the accounts. This discussion will open in early 2016 and seek to identify topics for further review. See SORP discussion – Your comments and ideas sought.