Charity SORP 2015: applying the new accounting rules

Pesh Framjee FCA, head of not for profit at Crowe Clark Whitehill, considers the Charity SORP 2015 and provides useful insight for preparers and auditors of charity accounts

Until recently the Charity SORP has been refreshed every five years but this time there has been a gap of 10 years due to the delay in publishing the new financial reporting standard FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, which is set to replace UK GAAP.

Unusually there are now two SORPs as charities that meet the size criteria will be entitled to follow the FRSSE, the Financial Reporting Standard for Small Entities.

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