June 1, 2015
Welcome to our series on where the at Chiks will bring you bite size guidance on the changes that SORP 2015 will bring to your organisation.
For those charities with a December financial year end, your should have already been preparing for the financial effects of the implementation of SORP 2015 back in December 2013, even though the final legislation wasn’t published until July 2014!
This is because any financial adjustments required to comply with SORP for the year ending 31 December 2015, will also need require amendments to the 2014 comparatives.
The starting position for those 2014 comparatives is 1st January 2014, which is effectively the same date as 31 December 2013!
This is known as the transition date.
For those charities with a 31 March financial year end, it will be the 31 March 2016 accounts that will need to be SORP 2015 compliant. You will need to restate your 31 March 2015 figures, with the transition date (opening position for the March 2015 accounts) being 1st April 2014.
If you require any assistance with any of the changes to the SORP and how it will affect your organisation then please contact a member of our charity and not for profit team.
Although we’ve already focused on specific used in SORP 20125 with ‘must, should and may’, SORP 2015 introduces some terminology that will be new to us all – our next bite size guidance article will focus on this.