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Charities SORP (FRS 102) - update bulletin 1
The update bulletin covers changes to the SORP to bring it into line with changes in FRS 102 and is effective for periods beginning on or after 1 January 2016. It can be early adopted for periods beginning on or after 1 January 2015.
The most significant changes include:
- The definition of a larger charity as one with an income of over £500,000. This level is not the same as that for audit exemption. All larger charities will be required to prepare a statement of cash flows.
- Responding to the FRC's withdrawal of the FRSSE. Whilst FRS 102 includes Section 1A, which allows small entities to provided reduced disclosure, this has no effect for charities as the SORP requires such disclosures anyway and the SORP has the force of law.