We consulted on three different matters that affect the SORPs now in issue. The consultation closed on 18 September 2015.
Due to changes in UK-Irish Generally Accepted Accounting Practice the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) is to be amended. These changes affect a few specific accounting treatments. These changes will be put into effect for the Charities SORP (FRS 102) via an Update Bulletin. To find out more:
Charities SORP FRSSE cannot apply for reporting periods beginning on or after 1 January 2016 because the FRSSE is being withdrawn. A replacement solution is needed because the FRSSE standard will be withdrawn and will not apply for reporting periods beginning on or after 1 January 2016. Your views were sought on our proposal that all charities use the Charities SORP (FRS 102) for reporting periods beginning on or after 1 January 2016 with only larger charities required to prepare a Statement of Cash Flows.
Your views were sought on redefining ‘larger charity’ as any charity with gross income exceeding £500,000 or 500,000 Euro (Republic of Ireland only). This is important because more is asked of ‘larger charities’ in their reporting under the SORPs.