
Just as many charities are preparing, or are planning to prepare, their first accounts under the revised Charities SORP, a number of amendments have been issued. The changes are mandatory for periods commencing 1st January 2016, however, it is important to consider them now as charities can apply the revised SORP for reporting periods starting on or after 1st January 2015.
If charities do decide to adopt the changes early they must adopt all of the relevant changes. It may be useful to many smaller charities to adopt early, we explain why below.
There are a number of other amendments in the following more specialist areas:
Full details of the changes can be found on the SORP website.
For advice on the changes to the charities SORP and how your charity is affected, please contact Elizabeth Irvine.