...while ICAEW fears for smaller charities

Finance | 1 Nov 2004

The Institute of Chartered Accountants in England & Wales (ICAEW) has issued a detailed response to the exposure draft of the revised Sorp. It supports the general accounting principles on which the proposed Sorp is based, but has expressed serious reservations over the prescriptive nature of much of the content. It draws attention to the fact that the disclosures are now more detailed and extensive than those for commercial enterprises. In particular it is very concerned that implementing the Sorp will be particularly burdensome for smaller charities.

Nick Brooks of Kingston Smith, and chairman of the ICAEW working party that prepared the response, said: "The proposed Sorp is not user-friendly. Much of the language is technical and quite obscure, even for accounting specialists. In places it does not explain clearly the practice recommended to be followed. It will need a lot of practical examples to enable an understanding what is required. The entire document appears to have been written with large charities in mind, with exemptions added for smaller charities." He added that there was a concern that more, and more detailed, information, should not be confused with better information.

Directory: ICAEW | Kingston Smith
Who's Who: Nick Brooks

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