SORP Compliance Checklist 2018
The Charity Finance Sorp Compliance Checklist is a comprehensive working document that crystallises essential reporting responsibilities for the busy charity practitioner or adviser.
The Charity Finance Sorp Compliance Checklist is a comprehensive working document that crystallises essential reporting responsibilities for the busy charity practitioner or adviser. It has been designed specifically for use by all the UK charities preparing accruals-based accounts.
The next major overhaul of the Charities SORP may have been deferred until 2022, but accounting standards have certainly not stood still in the past year.
Most notably, 2017 saw the SORP-making body release Information Sheet 1: Implementation issues, which provides clarification in areas such as the definition of “larger” charities, losses on the disposal of tangible fixed assets, and accounting for fair value reserves. Meanwhile, we have also seen amendments to FRS 102 following the Financial Reporting Council’s latest triennial review, and the release of Practice Note 11, which advises auditors on how to audit charities.
Across these three documents, we have seen a sufficient level of change to merit a thirteenth edition of this SORP Compliance Checklist. The changes contained herein ensure that charities will remain compliant in a changing environment and maintain the checklist’s status as the definitive working guide to charity reporting.
Away from the nitty gritty of accounting requirements, we have also seen significant developments in charity governance. The release of the new Charity Governance Code has raised the bar for best practice, and we’ve included a detailed checklist for charities wishing to be compliant on page 108.
