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