Charity News: Future charity SORP developments
At the July meeting of the SORP Committee the timetable and process for the publication of the next version of the Charity SORP was discussed. Future changes to the Charity SORP will be closely tied to more general developments in UK accounting practice and the next update of FRS102, the financial reporting standard upon which the SORP is based. As a result we can now expect that a draft of the next version of the Charity SORP will be published no earlier than July 2022, with a consultation and finalisation process taking up to a year to complete. It is hoped that the next version of the Charity SORP will then be finalised no later than October 2023 and will come into force for accounting periods beginning on or after 1 January 2024. This means the existing version of the Charity SORP will remain in force for a few years yet.
To assist with the future development of The SORP a panel of volunteer convenors has now been appointed that will advise The SORP Committee by offering views and ideas early on in the SORP development process. These convenors each represent an area of the charity sector, ensuring that the views of the widest range of preparers and users of charity accounts are reflected as possible.
Our full Charity Newsletter can be found here.
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