Charities SORP 2015

When does the new charities SORP consultation close for comment?

4 November 2013

4 December 2013

30 September 2013

1 January 2014

Which of the following accounting standards do not apply to charities governed by the law in the jurisdictions of England, Scotland and Wales?

FRS 101

FRS 102

FRSSE 2015

FRS 100

Which of the following expenditures are not to be shown separately on the face of the SoFA?

Voluntary income

Investment management costs

Governance costs

Investment income

When should discounting of income be used for the time value of money?

When settlement is due after more than three years

When settlement is due after more than one year from the balance sheet date and the effect of discounting is material

When settlement is due within one year and the effect of discounting is material

When settlement is due within one year

In which of the following countries will charities be able to adopt the new charities SORP 2015 early?

Wales

Scotland

England

Northern

If an eligible charity chooses to use the FRSSE 2015 which of the following statements would be true?

It may choose to adopt the FRSSE to some transactions and FRS 102 to others

The accounts would not need to show a true and fair view

The accounts would not need to be prepared on an accruals basis

It would not be required to produce a cashflow statement

Which of the following statements would not be true relating to the SORP 2015 and the trustees annual report?

Large charities must explain their approach to risk management

Charities with no reserves policy must disclose this fact

Small charities need not prepare a trustees annual report

The names of all trustees needs to be disclosed

Which of the following accounting statements is not required under the proposed new SORP?

Statement of cash flows

Statement of financial activities (SoFA)

Statement of recognised gains and losses (STRGL)

Balance sheet

Which of the following clarifications is a proposed change to accounting policies?

That income is first recognised when its receipt is probable

That income is first recognised when its receipt is probable and the amount is substantial

That income is first recognised when received

That income is first recognised when any inherent conditions are met

Which of the following is not one of the themes that the additional 15 modules are split across?

Special transactions relating to charity operations

Accounting for investments

Accounting for special types of asset

Accounting for liabilities and provisions

When does the new charities SORP consultation close for comment?

Which of the following accounting standards do not apply to charities governed by the law in the jurisdictions of England, Scotland and Wales?

Which of the following expenditures are not to be shown separately on the face of the SoFA?

When should discounting of income be used for the time value of money?

In which of the following countries will charities be able to adopt the new charities SORP 2015 early?

If an eligible charity chooses to use the FRSSE 2015 which of the following statements would be true?

Which of the following statements would not be true relating to the SORP 2015 and the trustees annual report?

Which of the following accounting statements is not required under the proposed new SORP?

Which of the following clarifications is a proposed change to accounting policies?

Which of the following is not one of the themes that the additional 15 modules are split across?

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