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News - 7 October 2014

New accounting procedures for charities

SORP is a framework for reporting standards and accounting procedures which is used by charities.
The new SORP was published in draft form in July 2014, and will be fully effective from 1st January 2015. It applies to charities preparing their accounts in accordance with Financial Reporting Standard (FRS 102).

There are certain implications of the new Charities SORP on issues such as operating a charity shop, receiving government grants and different forms of social investment.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The new rules will affect various aspects of a charity such as whether you own a freehold property, have legacy income, receive government grants, have a charity shop or have staff that accrue leave. If you have any questions or need advice or help with your charity accounts and the ramifications of the new legislation, contact ABDS to discuss how we can help bring our experience to these matters.”


ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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