Accounting rules are ‘ill-suited’ to charities and need reform, regulators say

Tuesday, July 06, 2021 9:43 AM | Farah Mendlesohn (Administrator)

Charity accounting rules should be simplified, according to a joint statement by the sector’s regulators.

The Charity Commission for England and Wales, along with its counterparts in Scotland and Northern Ireland, has called on the Financial Reporting Council (FRC) to “declutter” the statement of recommended practice (SORP), which provides the framework for charity accounting.

In a letter to the FRC, the regulators said the SORP was too closely aligned with the requirements of private companies rather than charities, and that they were likely to request further “wholesale changes” to accounting rules in the future.

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