SORP FRS 102

24 April 2017

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The joint SORP-making body and SORP Committee are in the process of a research exercise to identify necessary changes to the SORP as part of the triennial update. An ‘Invitation to comment’ document was published in May 2016 seeking responses from all charity stakeholders. The questions raised as part of this consultation include:

  • is the SORP meeting the needs of all those preparing accounts including smaller charities?
  • is the retention of a SORP still necessary in the charity sector?
  • suggestions for changes to address issues on implementation
  • does there need to be a third tier of reporting by the largest charities?
  • comments on the suggested areas for review of the trustees’ annual report
  • are there any items in the report or accounts which could be removed?

As part of this exercise, the joint SORP making body and SORP Committee issued a response to the Financial Reporting Standard in October 2016 on the SORP FRS 102. Their response was in relation to a particular concern regarding the requirement to disclose comparatives which they state is ‘in contradiction to the FRC’s aim to reduce ‘clutter’ in annual reporting’.

The consultation closed at the end of 2016 and responses are currently being analysed. An Exposure Draft of the next SORP is anticipated for 2018.

We will update you on the conclusions from the consultation along with the impact on your future reporting requirements. More information is available here.

 

This article features in our Charity Newsletter Spring 2017. To see the full version please click here.

If you would like to find out more about any of the topics covered in our Charity Newsletter and how we at Robinson Reed Layton can assist, please contact our Charities Partner, Mark Williams, on 01872 276116 or mark.williams@rrlcornwall.co.uk. You can signup to receive our Charity Newsletter here.

This publication has been prepared by Robinson Reed Layton. It is to be treated as a general guide only and is not intended to be a comprehensive statement of the law or represent specific advice. No liability is accepted for the opinions it contains, or for any errors or omissions. All rights reserved.

Updated 24 April 2017