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The Charity Commission in England and Wales and the Office of the Scottish Charity Regulator, the joint SORP making body for charities, have issued an exposure draft of the new Statement of Recommended Practice for Charities, in partnership with the Charities SORP Committee. The exposure draft can be viewed on www.charitysorp.org with consultation for comments on the exposure draft being opened until 4 November 2013. Finalisation of the new SORP will be completed soon after this date.
The new SORP provides an accounting framework for the governance of charities who use the accruals method of accounting within their financial statements. The new exposure draft has a modular structure which allows charities and financial advisors to review key parts of the SORP which is applicable to them, along with specialised modules that certain charities may need to consider, such as grants and investments.
The new SORP has been drafted to address the planned introduction of the new accounting standard Financial Reporting Standard 102 (FRS102) and some key issues in charity and ‘public benefit entity’ accounting and reporting. The joint SORP making body are looking for charities and advisors to review the SORP and provide feedback on any concerns or comments prior to the end of the consultation period.
Karen Rae, Audit Manager from Fairview House in Carlisle
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