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Draft charities SORP– Where it fits within UK-Irish GAAP

Draft charities SORP– Where it fits within UK-Irish GAAP. What’s covered?. Status of the SORP SORP development process Key features of SORP 2015 SORP micro-site - further information & resources. Status of the SORP.

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Draft charities SORP– Where it fits within UK-Irish GAAP

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  1. Draft charities SORP– Where it fits within UK-Irish GAAP

  2. What’s covered? • Status of the SORP • SORP development process • Key features of SORP 2015 • SORP micro-site - further information & resources

  3. Status of the SORP • RoI – SORP was and remains ‘not a legal requirement’ but ‘best practice guidance’ (paragraph 6) • SORP is application guidance relevant to preparing true and fair accounts • Backed by regulations in some jurisdictions (Scotland and E&W)

  4. SORP development • FRC approves the SORP making body • SORP developed under a ‘Policy and Code of Practice’ • SORP Committee formed in 2006 to input and advise (peer review) • SORP Committee recommendations normally accepted

  5. The Charities SORP

  6. SORP consultation • New SORP – implementation date fin’ year beginning 1 January 2015 • Consultation 4 July to 4 November • Feedback and comments sought

  7. Key features – a new SORP format • SORP research influenced format and terminology • Modules split between topics all will need and topics affecting a few • Identifies those additional requirements of larger charities (subject to audit) • Text is jurisdiction neutral

  8. Key features – a genuine choice • FRS 102 – mainstream GAAP • FRSSE (old GAAP) but new SORP acct’ policies are based on FRS 102 (new GAAP) • Primary financial statements in common but Statement of Cash Flows is optional

  9. Who can use FRSSE ?

  10. Key features – Trustees’ Annual Report • Re-ordered to open with objectives, activities and achievements • Differentiates requirements of all charities from larger charities • Larger charities provide more info’ re reserves, risk, investments, their performance, achievements and plans

  11. Key features – financial statements • Retained a ‘SoFA’ with simplified the descriptions • Balance sheet distinguishes classes of funds held • Statement of Cash Flows (FRS 102) follows IFRS for SMEs format

  12. Key features – accounting policies & disclosures • SORP accounting policies based on FRS 102 • Differentiates FRSSE and FRS 102 requirements • Also public interest and charity law disclosures (regulations)

  13. SORP micro site Micro site with all SORP consultation Documents: www.charitysorp.org • SORP exposure draft • SORP self select option • SORP consultation – invitation to comment • Help sheets (what’s changed)

  14. www.charitysorp.org

  15. SORP approval • FRC approved the consultation draft (May 2013) • Analysis of feedback (January 2014 SORP Committee) • Draft to FRC (March 2014) • FRC approval (earliest late May 2014) • Earliest publication end of June 2014?

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