Regulators consult on 21 changes to the Charities SORP

20 Feb 2018 News

A consultation on changes to the Statement of Recommended Practice, the set of rules which governs charity accounting, has been launched today.

The joint consultation by the Charity Commission and OSCR, the Scottish charity regulator, will ask for comments on 21 proposed changes to the SORP.

Those changes are considered necessary after the Financial Reporting Council, which governs accounting in the UK, made changes to FRS 102, the set of rules which governs accounting by most UK entities, on which the SORP is based.

Details of the changes have been published on the SORP website.

The consultation will run for six weeks and close on 4 April.

Laura Anderson, head of professional advice and intelligence at OSCR, and joint chair of the SORP committee, said: "This is an important opportunity to help ensure that the Charities SORP continues to provide helpful guidance on charity accounting and reporting and we encourage those that prepare charity accounts to share their views on how the changes to the reporting standard are being applied to the SORP for charities.

"We would also like to hear views from users of charity accounts on the changes made and the impact on how useful charity reports and accounts are."

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