The UK's charity regulators have announced that they will change the way accounting rules are set to involve a wider range of stakeholders.
Earlier this year a governance review of the Statement of Recommended Practice (SORP) made several recommendations for reform, which have all been accepted by the Charity Commission for England and Wales, OSCR the Scottish Charity Regulator, the Charity Commission for Northern Ireland, which make up the SORP-making body, and the Charities Regulator in Ireland as an observer.
Today the group announced that seven stakeholder groups would be set up to involve individuals and organisations with an interest in developing the next SORP.
Nigel Davies, joint chair and head of accountancy services at the Charity Commission said: “We know from our own research that the public care deeply about financial transparency from charities.
“Charity accounts are an important opportunity for trustees to communicate the difference they are making; today’s announcement reflects our joint commitment to ensure that charity accounts work for those that matter - beneficiaries and the public.”
Information of how to get involved are available on the Charities SORP website, and detailed guides will be available soon.
The committee plans to have the new structure in place by March 2020.