Following the introduction of a new UK financial reporting framework, all charities will be required to prepare their financial statements under Financial Reporting Standard 102 or the Financial Reporting Standard for Smaller Entities (FRSSE) for periods commencing on or after 1 January 2015. In addition, a new Charity SORP (Statement of Recommended Practice) has been introduced to give additional and specific guidance for the charity sector. This Charity SORP also becomes effective from the same date.
Our team of charity specialists can not only assist your finance team with converting your financial statements to the new accounting standards, but can also work with you to assess the wider implications of how these changes will affect your current finance systems and processes. Our work can assist you in assessing the following key areas;
- Income recognition
- Financial instruments
- Mixed motive investments
- Heritage assets
- Related parties and remuneration
- Holiday pay accrual
We can also assist in the following areas;
- Preparation of the opening balance sheet as at 1 January 2014 under the new framework
- Preparation of FRS102/Charity SORP compliant financial statements
- Ad hoc advice in relation to conversion
Our specialists have a deep knowledge of the charity sector and your financial reporting and regulatory requirements and will be pleased to advise you.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.