Due to changes in company accounting, changes are to be made to UK generally accepted accounting practice (GAAP).
These changes will take effect from 1 January 2016.
The role of the Statement of Recommended Practice (SORP) is to provide guidance on the application of GAAP.
The Charity Commission opened a consultation on 18 June that will last until 18 September.
It is consulting on three different matters:
- Amendments to the Charities SORP (FRS 102)
- Replacement for the Charities SORP (FRSSE)
- A revised definition of ‘larger charity’ in the SORPs
To view the consultation, visit the Charities SORP website
