Charities urged to prepare for new rules

CHARITIES need to prepare themselves for new rules brought in to make their accounts more transparent – or they could face financial headaches, a North East firm of accountants is warning.

 

The Charity Commission has published key changes to the accounting standards that govern the way charities’ financial statements are prepared – the Charities SORP (Statement of Recommended Practice).

 

Charities will in future follow one of two SORPs depending upon the size of their organisation.  While changes don’t take effect until January 2015, there may be a need to revise previous financial statements.

 

The changes include charities having to publish the salary details of senior figures and tighter rules on what needs to be included in trustee reports.

 

Accountants and business advisers, Clive Owen & Co LLP, are holding two events on October 22 and 24 for charities to find out what the new changes mean to them.

 

Chris Beaumont, a partner at Clive Owen, said: “The new standards bring charities in line with the changes that have occurred to the accounting standards businesses have to comply with, and it’s important that charities understand some of the pitfalls they face if they don’t comply.”

 

To book a place at one of the events or for more information, contact Margaret Gill on 01325 349700 or email charities@cliveowen.com

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