Charities – SORP Legislation

Due to the upcoming changes to Financial Reporting Standards, the Charities Statement of Recommended Practice (SORP) has had to be updated to reflect these.

In May 2014, the Financial Reporting Council approved the new Charities SORP (FRS102) for publication replacing the existing SORP 2005.

The new SORP will apply to periods commencing on or after 1 January 2015 which may also require comparative periods to be restated in line with the new legislation.

There are significant changes between SORP 2005 and the Charities SORP (FRS 102). These affect:

• The contents of the trustees annual report;
• The accounting policies including recognition and measurement criteria;
• The format of the accounts; and
• The definition and disclosure of transactions with related parties and employee benefits

Click HERE for a comprehensive review of the changes in SORP legislation.

After reading the document, if you would like more information on how these changes will impact you please contact Paul Colcomb, Charity Team Manager, on 01522 531341 or email him at paul.colcomb@wrightvigar.co.uk – we would be delighted to have the opportunity to work with you.