New look for SORP.
The Charity Commission this week launched the exposure draft of the revised charities Statement of Recommended Practice which gives advice for best practice in preparing accounts. The SORP has been in existence since 1995, but inconsistencies have allowed people to use different treatments. The review was intended to bring it into line with developments in financial reporting standards. The main change in the exposure draft is a proposal for the Statement of Financial Activities to reflect the economic reality of a charity’s activities. The draft has also been updated for new accounting standards and aims to clarify many of the accounting requirements such as accounting for legacies, gifts in kind and the rules surrounding the disclosure of grants paid. Stephen Burgess, charities director of Saffery Champness, said: ‘It is welcome and clarifies a number of things. But I am concerned that it is longer than the previous one and I hope it doesn’t put charities off.’ Charity commissioner John Bonds, chair of the SORP committee, said: ‘The revised SORP will be simpler for charities to use. The draft may appear longer but it is also clearer: few charities, if any, will have to take account of all its requirements.’ Comments should be submitted to the commission by 13 March 2000.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article