Responding to COVID-19: insight, support and guidance

United Kingdom

Do reporting standards for NFPs exist?

What financial reporting standards are currently applied in the preparation of the financial statements of NFPs?

Charities are required to report under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK-Irish GAAP).

Do specific financial reporting standards exist for NFPs in the jurisdiction?


Are these specific standards for NFPs, or are they included within the scope of a wider standards which are applicable to other organisations?

They are included within the scope of a wider standard.

FRS 102 is designed to apply to the general purpose financial statements and financial reporting of entities, including those that are not constituted as companies and those that are not profit-oriented.

Within FRS 102 there are specific paragraphs which apply solely to ‘public benefit entities’. Charities are included within the definition of public benefit entities, as their primary objective is to provide goods or services for the general public, community or social benefit, and any equity is provided with a view to supporting the charity’s primary objectives, rather than with a view to providing a financial return to equity providers, shareholders or members.

Guidance for financial reporting by charities is contained in the ‘Statement of Recommended Practice – Accounting and Reporting by Charities’ (Charities SORP). This framework provides guidance for charities on how to apply FRS 102 Financial Reporting Standard applicable in the UK and Republic of Ireland (UK-Irish GAAP). There are currently no plans to develop separate standards for NFPs in the UK and Ireland. The Charities SORP continues to interpret UK-Irish GAAP for NFPs.

Where can the financial reporting requirements for NFPs be found?

The reporting requirements for NFPs are stipulated in both national legislation and regulation.

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