What happens in 2016? Confusion in charity circles
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What happens in 2016? Confusion in charity circles
October 1st, 2014     A+ | a-

God said let Newton be and all was light and certainty. God said let Einstein be and all was dark again. The new SORPS effective for accounting periods beginning on or after 1st January 2015 (with early adoption not possible) introduced clarity into charity accounting, underpinned by two SORPS, one based on the FRSSE and one based on FRS102.

However, an EU directive which is now subject to consultation by the the Department of Business Skills and Industry and by the FRC brings into question the continuing existence of the FRSSE, and some new framework is envisaged with effect from 1st January 2016. As the FRSSE SORP 2015 is based on the FRSSE, this brings into question the future of the FRSSE SORP.

It may be that some ‘quasi FRSSE’ might be developed for charitable purposes – it might be that the FRSSE SORP is merged with the FRS102 SORP – or it might be something else

The only clarity is that the new SORPS may only be operating for a year. Let us hope there is then as little change as possible as we move to comply with the EU Directive. Watch this space.

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