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Change is coming to UK accounting standards and the SORP

Posted on 15 August 2011 at 2:21 pm
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  • 15 August 2011 at 2:21 pm #3522

    The Charity Commission summer newsletter highlighted the importance to charities of the proposed accounting framework and standards by the Accounting Standards Board (ASB). The Accounting Standards Board (ASB) has recently consulted on possibly the most far reaching changes to accounting and financial reporting in the UK for a generation. The outcome of these consultations will change the way that charities account and report.

    The charities SORP will be updated to bring it in line with the new framework and standards. The next charities SORP is likely to be consulted upon in 2012 if the ASB stay with 1 July 2013 as the implementation date for their proposed changes.

    In their newsletter, the Charity Commission is recommending the charities familiarise themselves with these proposals. Sources of information include the Charity Commission’s website, SORP Committee web page and ICAEW’s website

    You may also be interested in ICAEW Charity Conference in September which will include updates from the Charity Commission on these accounting proposals, including and a key note address by Sam Younger, Chief Executive of the Charity Commission.

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