Move to FRS 102 based SORP
All charities will be required to adopt a Statement of Recommended Practice based on the FRS 102 accounting standard, the SORP Committee has confirmed. The decision, which will apply for reporting periods beginning on or after the 1 January 2016, follows a consultation that took place earlier this year. The move will mean that the Financial Reporting Standard for Smaller Entities, or FRSSE, will no longer be an available option.
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