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Are you ready for the new SORP?

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Are you ready for the new SORP?

The new SORP’s are now with us, and although a few charities have already stepped into the unknown, and prepared their accounts under the requirements of SORP 2015 or SORP FRSSE 2015, for the majority of charities, the 31st March 2016 is the first year end they will need to apply  one of the new SORPs.

Many an FD, CEO or trustee will be dreading this process, but Tait Walker is here to help make the transition as smooth as possible.

The choice for most charities of which SORP to apply is relatively straightforward, determined by the size of your charity – the turnover, assets and number of employees. Smaller charities may have a choice of which SORP would be most appropriate, and we’re here to talk through the options and help you decide which SORP is best for your charity.

Our practical guide to SORP changes can be found here and is a great starting point for all charities to understand how the new SORP will affect your charity, which SORP is most appropriate and what you can do now to ensure you’re prepared.

The new SORP FRSSE 2015 for smaller charities has fewer changes than SORP 2015, however there are still some areas which must be considered carefully to ensure that your charity complies with the FRSSE, such as disclosing the total cost of leasing commitments, rather than just the amount due in the next year.

Don’t forget that the new SORP will be applied to the current and previous years (for example 31 March 2015 as well as 31 March 2016), so you’ll need to consider the impact on both years.

If you’d like to talk to us about the impact of the new SORP or SORP FRSSE on your charity, please contact Simon Brown.

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