What Charities SORP can I apply for periods starting on or after 1 January 2016?
Article ID
ias-12343
Article Name
What Charities SORP can I apply for periods starting on or after 1 January 2016?
Created Date
19th October 2016
Product
IRIS Charity Formats
Problem
Choosing the right Charities SORP (periods starting on or after 1 January 2016)
Resolution
When preparing a charity’s financial statements on an accruals basis a decision must be made as to which SORP to use. For accounting periods starting on or after 1st January 2015 but before 1 January 2016 you must decide whether to prepare the accounts under the Financial Reporting Standard for Smaller Entities (FRSSE) or the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Due to the differences between the FRSSE and FRS 102 separate SORPs were developed to provide application guidance for each accounting standard. For more information click here. For accounting periods starting on or after 1st January 2016 all charities must apply Charities SORP (FRS 102) as amended by “Update Bulletin 1” which implemented the withdrawal of the Charities SORP (FRSSE). From version 16.3 which is now available to download from our website, you can now apply Charities SORP FRS 102 – Update Bulletin 1. Note: Early application of the amendments made to Charities SORP (FRS 102) by Update Bulletin 1 is permitted for reporting periods beginning on or after 1st January 2015. For more information click here. For further information on Charities SORP, Please refer to the following KBase Articles: KB IAS-12232 : How do I apply the Charities SORP 2015 (FRS 102/FRSSE)? KB IAS-12334 : How do I apply the Charities SORP (FRS 102) – Update Bulletin 1?
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