This factsheet explores the option for eligible charities, identifies some considerations for trustees and explains what is involved
The trustees of the majority of charities in the UK have the option to prepare their financial statements (annual accounts) as receipts and payments (cash based) accounts rather than prepare them on an accruals basis in compliance with the Charities Statement of Recommended Practice (the SORP). This option is not formerly available in the Republic of Ireland as the applicable accounting regulations have yet to be made. The factsheet is split into a number of sections
