Commentary

B5.872 Charity accounting requirements—the 2015 SORP

Business tax
Business tax | Commentary

B5.872 Charity accounting requirements—the 2015 SORP

Business tax | Commentary

B5.872 Charity accounting requirements—the 2015 SORP

A key element of the regulation of charities since the Charities Act 1993 has been increasing emphasis on the accountability of trustees and realistic reporting of the charity's affairs. How the duty of reporting is to be discharged is set down in the Statement of Recommended Practice (SORP) issued by the Charity Commission after consultation and taking account of the various regulatory requirements enacted for the protection and compliance of charities.

As such the SORP goes further than simple compliance with GAAP. The Accounting Standards Board required the Charity Commission to conduct an annual review

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