Charities SORP: all change please

When do charities have to apply the new SORPs?

Periods ending on or after 1/1/2015

Periods ending on or after 31/12/2015

Periods beginning on or after 1/1/2015

Periods beginning on or after 31/12/2014

Which of the following statements is true?

All charities may adopt FRS 100

All charities must adopt FRS 102 SORP

Eligible charities may adopt FRSSE based SORP

All eligible charities must adopt the FRSSE based SORP

What is one of the key differences when preparing accounts under the FRS 102 SORP compared SORP 2005?

Recognition of the total return approach applies to all UK Charities

Income recognition criteria probable is replaced by virtually certain

Recognition of the cost of donated goods when they are sold

Incorporated charities are prohibited from being treated as branches

What are the main differences between FRSSE and FRS102 SORPs?

The Statement of Cash Flows is voluntary; Investment gains/ (losses) do count towards the net income/ (expenditure) figure; The recognition of a liability for annual leave and paid sick leave is not required

The Statement of Cash Flows is not voluntary; Investment gains/ (losses) do not count towards the net income/ (expenditure) figure; The recognition of a liability for annual leave and paid sick leave is not required

The Statement of Cash Flows is voluntary; Investment gains/ (losses) do not count towards the net income/ (expenditure) figure; The recognition of a liability for annual leave and paid sick leave is not required

The Statement of Cash Flows is voluntary; Investment gains/ (losses) do count towards the net income/ (expenditure) figure; The recognition of a liability for future annual leave and sick leave is not required

What are the main changes to the SOFA from 2005 SORP to FRS 102 SORP?

There is no difference between the SOFAs

Key heading descriptions have changed, but there is no change their positioning in the SOFA (eg net income/(expenditure))

Key heading descriptions and their positioning in the SOFA have changed (eg net income/(expenditure) and net gains/losses on investments)

Key heading descriptions are unchanged but there are changes to their positioning in the SOFA (eg net gains/losses on investments)

Which of the following statements are true?

The opening and closing balance sheet will remain unchanged

There are no likely adjustments when adopting FRS 102 SORP

The comparatives for the previous period need to be restated on a like for like basis

The comparatives for the previous period will remain unchanged on a like for like basis

What are the main additional disclosures required under FRS102 compared to SORP 2005?

Any material uncertainties of which the trustees are aware in making their going concern assessment remain confidential to the charity; Detailed disclosures for income from government grants; The disclosure of the number of staff paid £60,000 or more in bands is extended to all charities

Any material uncertainties of which the trustees are aware in making their going concern assessment must be disclosed; The disclosure of the number of staff paid £60,000 or more in bands is extended to all charities; Summary disclosures to do with financial instruments

Any material uncertainties of which the trustees are aware in making their going concern assessment must be disclosed; Detailed disclosures for income from government grants; The disclosure of the number of staff paid £60,000 or more in bands is extended to all charities

Any material uncertainties of which the trustees are aware in making their going concern assessment must be disclosed; The disclosure of the number of staff paid £60,000 or more in bands is extended to all charities that submit accruals accounts; Extensive disclosures to do with financial instruments

Do charities only have to refer to FRSEE SORP for solutions to specific items or transactions?

Yes, the FRSSE SORP is a stand-alone reference for charities

No, the FRSSE SORP requires users to refer to FRS 102

No, the FRSSE SORP requires users to refer to FRS 102 SORP

No, the FRSSE SORP requires users to refer to FRSSE

What are the main changes to the Trustees annual report that impact all charities?

A charity must disclose its reserves policy or it must state it does not have a reserves policy and give reasons; An explanation of social investment policies and how any programme related investments contributed to the achievement of its aims and objectives

All trustees who served in the accounting period and/or are in position at the time the report is signed must be named; A description of the principal risks and uncertainties facing the charity and its subsidiary undertakings, as identified by the charity trustees, together with a summary of their plans and strategies for managing those risks

All trustees who served in the accounting period and/or are in position at the time the report is signed must be named; The arrangements for setting the pay and remuneration of the key management personnel of the charity and any benchmarks, parameters or criteria used in setting their pay

A charity must disclose its reserves policy or it must state it does not have a reserves policy and give reasons; All trustees who served in the accounting period and/or are in position at the time the report is signed must be named

How many written responses were made to the new charities SORP consultation?

102

26

1,600

179

Charities SORP: all change please

When do charities have to apply the new SORPs?

Which of the following statements is true?

What is one of the key differences when preparing accounts under the FRS 102 SORP compared SORP 2005?

What are the main differences between FRSSE and FRS102 SORPs?

What are the main changes to the SOFA from 2005 SORP to FRS 102 SORP?

Which of the following statements are true?

What are the main additional disclosures required under FRS102 compared to SORP 2005?

Do charities only have to refer to FRSEE SORP for solutions to specific items or transactions?

What are the main changes to the Trustees annual report that impact all charities?

How many written responses were made to the new charities SORP consultation?

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