Charity GAAP changes

Changes will affect charities from 1 January 2016

Due to changes in company accounting, changes are to be made to UK generally accepted accounting practice (GAAP).

These changes will take effect from 1 January 2016.

The role of the Statement of Recommended Practice (SORP) is to provide guidance on the application of GAAP.

The Charity Commission opened a consultation on 18 June that will last until 18 September.  

It is consulting on three different matters:

  1. Amendments to the Charities SORP (FRS 102)
  2. Replacement for the Charities SORP (FRSSE)
  3. A revised definition of ‘larger charity’ in the SORPs

To view the consultation, visit the Charities SORP website