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The Charities SORP making body is consulting on two different matters that affect the SORPs now in issue. The consultation will last three months to mid-September 2015.
Due to changes in UK-Irish generally accepted accounting practice (GAAP), 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.
Charities SORP FRSSE cannot apply for reporting periods beginning on or after 1 January 2016 because the FRSSE is being withdrawn. A replacement solution is needed because the FRSSE standard will be withdrawn and will not apply for reporting periods beginning on or after 1 January 2016.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 will be sought on the solution to replacing the Charities SORP (FRSSE).
Both consultation documents can be found on the Charities SORP Microsite.
Please submit your comments via the online form. The form requests the uploading of your response in either a Word or PDF document. Please could you include the name of your organisation or your name if an individual in the file name.
The consultation is now closed, so the Charities SORP Consultation Responses (PDF, 3.38MB) are now available for downloading. If you contributed to the 2015 consultation then you will be interested in Research exercise on charities SORP FRS 102.