It is decision time for many charities given the choice between adopting the SORP based on FRS 102 or the SORP based on the FRSSE.
Charities may use the FRSSE based SORP if they meet 2 of the following 3 criteria:
For those that have a choice it is made even more difficult in that the SORP based on the FRSSE will have a very short life, as it is due to be reviewed by 2016. It is this, along with the differences that exist between FRS 102-based and FRSSE-based SORPs, that need to be considered.
To help with the assessment that needs to take place regarding the differences, the Charity Commission and OSCR have made available guidance that analyses the differences and similarities between the two SORPS.
Guidance has also been made available that: