The FRC has proposed that for accounting periods beginning on or after 1 January 2025, a new version of FRS 102 will apply.
A revised Charity SORP will also be issued for consultation to take account of any changes that are relevant to charities. Charities do need to be engaged in the process so that we can make the accounting standard better for the sector.
FRED 82 – which is the exposure draft of the changes to FRS 102 is currently out for consultation until 30 April 2023. Whilst responding to the consultation on changes to the Charities SORP will be important, it is also vital for charities to engage with this consultation, as changes to the Charity SORP can only happen if they are consistent with FRS 102.
Helena Wilkinson, Head of the Charities and Not for Profit team at Price Bailey, has set out below some of the key areas of FRS 102 which affect charity accounting. You can download the full newsletter below.
If you have any questions relating to this newsletter, please get in touch with us to discuss further using the form below.
We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.
We can help
Contact us today to find out more about how we can help you