The latest exposure draft of the new accounting rules for charities in the UK and Ireland has been published, with a view to being adopted in 2015.

The new SORP (statement of recommended practice) is being developed by the Charity Commission for England and Wales and the Scottish Charity Regulator in conjunction with the Charities SORP Committee, and will be applicable across the UK, Northern Ireland and the Republic of Ireland.

It is thought that the new standard will come into effect on the 1st of January 2015, in line with the new accounting framework – Financial Reporting Standard 102.

A full copy of the Exposure Draft can be found here.

Source: Accountancy Live