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.

SORP statement of aims and principles published

Following on from the analysis of the feedback from the SORP research exercise. The SORP-making body has published a statement of aims and drafting principles that will inform the writing of the next SORP and the activity of the four SORP working groups. The working groups are developing ideas on changes to reporting that will: assist smaller charities, broaden tiered reporting, ensure transparency and better disclose charity governance.

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

Does your charity prepare accounts on an accrual basis?