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Get ready for SORP consultation

03 Jun 2015

If your charity prepares accrued accounts, you need to be aware of important accounting changes that are being planned.  The SORP-making body will be consulting from mid-June and your views are important - so tell us what you think!

Why are the changes being made?

Due to changes in company accounting from the implementation of an EU Accounting Directive, changes are to be made to the UK-Irish Generally Accepted Accounting Practice (GAAP). The role of a Statement of Recommended Practice (SORP) is to provide application guidance to GAAP. If GAAP changes, so must the SORP.

What to do now

The changes affecting your charity or charity client depend on which SORP your charity or charity client has chosen to follow.  The SORP microsite contains further information and will feature response forms so you can share your views.

Please familiarise yourself with the coming changes and participate in the consultation, which is expected to open in mid-June for a three month period, and check the SORP microsite regularly to make sure that you stay up to date with developments.