Charity sector opts for dual approach to SORPs based on FRS 102 and FRSSE

The charity sector is to have two SORPs (Statement of Recommended Practice) based on either FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, or the FRSSE, Financial Reporting Standard for Smaller Entities.

The Charity Commission says the dual approach will allow charities to choose which SORP to follow depending on whether their accounting systems use FRS 102 [new UK GAAP] or FRSSE.