Charity Consultant Kath Moss shares her views on the new accounting guidelines for charities (SORPs)
Yesterday, the Charity Commission published its new accounting guidance for charities. These covering pages provide links to the micro site for the two SORPs and three help sheets. The new SORPs will apply to financial years beginning on or after 1 January 2015. The new SORPs were finalised after a public consultation in the second half of 2013 because of changes in the UK accounting framework to harmonise with international financial reporting.