The Charities SORP-Making Body has published a second Update Bulletin which makes amendments to the Charities SORP (FRS 102)

Wednesday, October 17, 2018 1:30 PM | Anne-Marie Barry (Administrator)

The Charities SORP-Making Body has published a second Update Bulletin which makes amendments to the Charities SORP (FRS 102). This means that there are now two Update Bulletins which charities preparing SORP accounts must comply with. Update Bulletin 2 sets out amendments to the text of the Charities SORP (FRS 102) which apply to periods commencing on, or after, 1 January 2019. However, it is important to note that the clarifying amendments in Update Bulletin 2 apply to reporting periods commencing on, or after, 5 October 2018: the date the Bulletin was published. The early adoption of amendments relating to amendments to FRS 102 (made by the Financial Reporting Council) is permitted except where prohibited by regulations or charity or company law. In relation to Scottish charities, early adoption is not permitted and amendment regulations are expected in time for 1 January 2019 implementation. Both update Bulletins are available on the Charities SORP microsite www.charitysorp.org.

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