Due to changes in company accounting, changes are to be made to UK Generally Accepted Accounting Practice (GAAP).
These changes will take effect from 1 January 2016. The role of the Statement of Recommended Practice (SORP) is to provide guidance on the application of GAAP. The Charity Commission is consulting on three different matters that affect the SORPs now in issue.
The consultation opened on 18 June and will last three months to 18 September 2015 and covers:
- amendments to the Charities SORP (FRS 102)
- replacement for the Charities SORP (FRSSE)
- a revised definition of ‘larger charity’ in the SORPs.
Article contributed by ACCA In Practice