What does the delayed Charities SORP 2015 mean for accountants?
The 2015 Charity (Account and Reports) Regulations, authorising use of the SORP 2015, have not been issued. The current regulations are those issued in 2008, which stipulate that accounts must be prepared in accordance with the SORP 2005.
The Charity Commission’s recommended solution to this problem can be found within its guide CC15c. In section 8 it highlights why the new SORP can be used despite the regulations not having yet been issued.
It is important to note that if the regulations are not issued then reports will need to be amended or reporting delayed until the regulations are available.