The Charity Commission has issued additional guidance for charities on how two new Charities Statement of Recommended Practice (SORP) work in practice.
The SORPS apply to financial years beginning on or after 1 January 2015 and following their introduction, the commission has now published two worked examples to help charities and charitable companies decide which SORP is the most appropriate for them.
The examples, which use fictional organisations, illustrate the FRS 102 and FRSSE versions of the Charities SORP and can be downloaded free at the Charities SORP microsite here.
In its January newsletter, the commission also announced that a new accruals pack (CC17) would be ready by the end of 2015 so that it could be completed by charities as they prepare their year end accounts. The current pack is only suitable for charities reporting under SORP 2005.
Meanwhile, the commission has reminded charities that they can authorise their accountant or other adviser to submit accounts on their behalf. This can be done via the Charity Commission’s website here.
Moore Thompson’s charities specialists can provide expert advice to charities on all aspects of the new SORPs, and which is appropriate for them, as well as preparing annual accounts and other returns and ensuring these are completed correctly and on time. For more information, please contact us.