Charity Commission issues update on the new Charities SORP
The Charity Commission has issued a further update on the development of the new Charities SORP, providing charities with greater insight into the next steps and anticipated implementation timetable.
The updates which include the new thresholds can be found on their website.
This serves as a timely reminder that significant changes are on the horizon. To help charities prepare, we have been running, and continue to run, a series of bite-size webinars designed to help the sector understand and navigate the forthcoming requirements.
Upcoming webinars
- 8 October: Nonprofit FRS 102: Trustees’ Annual Report
- 14 October: Nonprofit FRS 102: Lease accounting
- 11 November: Nonprofit FRS 102: Revenue recognition
For some charities, the impact may be relatively limited. For many others, however, bringing leases onto the balance sheet, applying the new revenue recognition requirements, and updating Trustees’ Annual Reports to align with the new Tier 2 and Tier 3 reporting requirements will require careful consideration. These changes will take time to implement and, more importantly, will require early planning to ensure a smooth transition.
We are already helping our clients assess the impact of the new requirements and prepare for implementation. To support this process, our dedicated Nonprofit – new Charities SORP and FRS 102 resource hub brings together useful resources to help you face the changes with confidence.
Don’t wait until implementation is around the corner. Understanding the impact now will give your charity more time to plan and prepare for a smooth transition.
For guidance on the new Charities SORP and FRS 102 changes, contact your Moore Kingston Smith adviser or click here to speak with a member of our nonprofit team.
