14 January 2025
Charities SORP for UK & Ireland
The Charities SORP is a Statement of Recommended Practice that sets out how charities should prepare their annual accounts and report on their finances.
The Charities SORP-making body, supported by its advisory SORP Committee (Carmichael’s CEO is a member of the SORP Committee), are working with the Financial Reporting Council (FRC) to finalise the drafting of the next Charities SORP. The SORP is being updated to reflect changes in UK and Ireland GAAP and other SORP updates.
The SORP-making body will submit the draft SORP to the FRC in January 2025 for the FRC’s approval ahead of the public consultation on the SORP. The public consultation will run for 12 weeks and is expected to be issued no later than March 2025. The current project plan expects an updated SORP to be issued in Autumn 2025. The effective date of the SORP will align with FRS 102 and will be effective 1 January 2026.
It is imperative that charities are proactive in identifying and understanding how the changes introduced by FRS 102 will impact them.
Carmichael will run training workshops on SORP requirements for nonprofits on February 13th and July 10th.
For details and registration for February 13th visit here and for July 10th visit here.
