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 research exercise launched

The Joint-SORP making body has published an Invitation To Comment seeking your views on how the Charities SORP can be improved with suggestions from both the SORP Committee and the charity regulators. To view the Invitation to Comment document and for information as to how to respond view the link. This consultation closes on 11 December 2016. 

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

Does your charity prepare accounts on an accrual basis?