Most charities registered in the UK have the option to choose between preparing their annual accounts on a cash basis, often referred to as receipts and payments accounts, and on an accruals basis, sometimes referred to as ‘SORP’ accounts. Following the Charities Act 2009 in Ireland a similar choice is anticipated for Irish charities.
Charities at this level are normally subject to independent examination. This factsheet includes a contribution from ACIE offering reflections from experienced independent examiners on the main issues that cause problems when changing to accruals.
