Charities have been urged to prepare for new accounting rules.
The Charities SORP-making body has published a helpsheet for charities and their advisers on requirements applying to organisations that produce accruals accounts.
The new SORP – statement of recommended practice – reflects amendments to the UK financial reporting standard FRS 102 introduced by the Financial Reporting Council. The guide is intended to support practical implementation, but does not cover every situation or arrangement.
According to OSCR, charities may still need professional advice to ensure they meet the requirements.
