Charities Regulatory Developments & SORP Reporting Features

Charities Regulatory Developments and SORP Reporting Features, July 2018

Proposed new SORP-making body from 1 January 2019

The Northern Ireland and Republic of Ireland charity regulators are to be included in a new charity sector SORP-making body. The four charity regulators of the UK and Ireland will for the first time work together to develop the charity accounting framework for use across all four law jurisdictions. This is a very welcome development and hopefully will lead to a more streamlined reporting structure for the sector

The Financial Reporting Council (FRC) has approved the addition of the Charity Commission for Northern Ireland and the Charities Regulatory Authority (CRA) for the Republic of Ireland as joint members of the SORP-making body with the Charity Commission for England and Wales (CCEW) and the Scottish Charity Regulator (OSCR). The inclusion of the CRA is subject to the SORP being formally adopted by way of regulation in the Republic of Ireland.

The regulators will begin developing the new SORP from 1 January 2019.

Main Features of SORP Annual Trustee Report, Financial Reporting and Disclosures

Compliance Statement

For a charity to state that it has prepared its accounts in accordance with the SORP it must adhere to the SORP requirements for the preparation of both the accounts and trustees’ report

Charity specific requirements

Trustees’ annual report
Fund accounting disclosures
Format of statement of financial activities (Income and expenditure)
Additional disclosures aimed at providing a high level of accountability and transparency to donors, funders, financial supporters and other stakeholders

Principal contents of the trustees’ report:

Objectives and activities, Achievements and performance
Financial review and comment on Reserves Policy
Structure, governance and management, Reference and administrative details
Exemptions from disclosures (if any)
Each Charity is unique and therefore the trustees’ report must reflect this
This is a very important document that helps in communicating with all stakeholders and needs careful attention and input by the trustees as well as management.

Relate Software will have a fully compliant product available for you in good time for the new requirements.

The new legislation will usher in the most comprehensive overhaul of Irish company law in over 50 years and we will provide you with a detailed synopsis of the highlights and notable changes that are to be introduced.

Pat Doyle
ACIS, Corporate Law & Company Secretarial Practice

A concise guide to the practical measures that Accounting Firms need to take from a tax perspective in adhering to FRS102.This will link up and follow on smoothly from the earlier presentation on the Accounting implications of FRS 102 covered by previous speakers.

Alan Lawlor
FCCA AITI

The Statement of Recommended Practice applies to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and ROI (FRS 102) - effective date January 2015.

Ronan O’Brien
CPA, QFA

Charities Regulatory Developments & SORP Reporting Features

Sign up for our newsletter!

Support:

Sales

Accounts:

Sign Up for Newsletter

Login for Download