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Scottish accruals accounts threshold raised
By David Ainsworth, Third Sector Online, 8 March 2010
Office of the Scottish Charity Regulator announces changes to reporting requirements
The annual income threshold at which charities in Scotland must prepare accruals accounts, instead of simpler receipts and payments accounts, will rise next year from £100,000 to £250,000, the Office of the Scottish Charity Regulator has announced.
In addition, the threshold for the level of assets held by a charity before it needs an audit will rise from £2.8m to £3.26m, in line with company law.
All charities with incomes over £500,000 will also be required to have audits, irrespective of their total assets.
The OSCR said the decision to raise the thresholds was taken by the Scottish Government after a consultation held in the summer on potential changes to the Charities Accounts (Scotland) Regulations 2006.
Changes have also been made to the way that gross income and endowment income are recorded.
The regulations will come into force on 1 April 2011. For more information, see the OSCR report or the Scottish Government publication.
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