SORP Consultation for Small Charities |
1. CFG SORP Research Consultation
On May 4th 2016 the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator (OSCR) published a research consultation on Charities Statement of Recommended Practice (SORP) FRS 102.
The SORP FRS 102 is the guidance that charities accounts in the UK and the Republic of Ireland have to abide by and is based on the national reporting standard FRS 102 that was introduced January 2016. The consultation is being launched due to the expected review of FRS 102 next year by the Financial Reporting Council (FRC). The Charity Commission and OSCR are keen to ensure the FRS 102 works for charities, not just the for-profit sector.
The SORP FRS 102 is the guidance that charities accounts in the UK and the Republic of Ireland have to abide by and is based on the national reporting standard FRS 102 that was introduced January 2016. The consultation is being launched due to the expected review of FRS 102 next year by the Financial Reporting Council (FRC). The Charity Commission and OSCR are keen to ensure the FRS 102 works for charities, not just the for-profit sector.
CFG has a number of concerns about the suggested proposals in the SORP consultation.
This consultation is an opportunity for us to mobilise charities to preserve the SORP and ensure that it remains focused on advancing the public interest.
The more charities that take part in this consultation, the better we'll be able to influence the final Charities SORP. So please spread this to colleagues and let us know whether you support our position.
Thank you for participating in our consultation.