News and insights from our Charity Law team
SORP is on the regulator's radar
- AuthorJulia Seary
The public continue to be concerned about financial transparency within the charity sector; charities’ accounts enable trustees to communicate effectively with interested stakeholders and provide assurance in terms of financial stability and accounting compliance.
The Charities’ SORP (Statement of Recommended Practice on Accounting and Reporting by Charities) sets out the financial reporting requirements that apply to almost all charities preparing accounts and are designed to give a true and fair view. Last week the Charity Commission announced its plans to change the way that the SORP accounting framework is developed so as to ensure that it can better serve both the public and beneficiaries. A new process for developing the SORP is intended to be in place from 2020 which aims to ensure SORP is both technically correct for true and fair accounting, produced in a manner and style that users can understand and meets their information needs.
For further information, the full review findings and recommendations are available on the SORP website.