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Transition from charities FRSSE SORP to charities FRS 102 SORP

For charity accounts beginning on or after 1 January 2016, there will be no option for charities to use the FRSSE SORP.  All charities must use the FRS 102 SORP.  The main differences under FRS 102 are:

  • Certain accounting policies will need to be changed to comply with FRS 102.  Previous years figures will need to be restated for the changed policies
  • The statement of cash flows is compulsory
  • Gains or losses on investments are included in the net income or net expenditure figure
  • An accrual for holiday pay is required
  • More disclosures are required in the accounts, especially for financial instruments and related party transactions

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