New Sorps might be published next month

The Charity Commission says that the Financial Reporting Council has approved the new accounting standards, which will apply to financial years starting on or after 1 January 2015

Statement of Recommended Practice
Statement of Recommended Practice

The Financial Reporting Council has approved the new Statements of Recommended Practice for charities, according to the Charity Commission.

A statement from the commission issued today said the new accounting standards were approved by the FRC on 22 May, and that they will be published on the Charities Sorp website in the summer, possibly as early as July.

The new Sorps will apply to financial years starting on or after 1 January 2015. In addition to the Sorp for charities using the new FRS 102, there is now a separate Sorp available to smaller charities working with the Financial Reporting Standard for Smaller Entities. The FRSSE is for charities meeting two of three criteria: annual income of less than £6.5m, total assets of less than £3.26m or fewer than 50 employees.

The FRC’s board reviewed the new Sorp to ensure it was compliant with its own policies, current practices and with other accountancy standards.

The Sorps were created jointly by the commission and the Office of the Scottish Charity Regulator.

Sam Younger, chief executive of the commission and joint chair of the Sorp Committee, said: "The FRC’s approval is a culmination of many years work. We and the OSCR are especially grateful to the members of the Sorp committee for their commitment and attention to detail."

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