Access prepares for lively debate into SORP 2013 at CFG event
Access Group (Access) has today released a guide which it hopes will help third sector organisations understand the reporting implications laid down by the new draft Charities Statement of Recommended Practice (SORP).
Access Group (Access) has today released a guide which it hopes will help third sector organisations understand the reporting implications laid down by the new draft Charities Statement of Recommended Practice (SORP). The release coincides with today’s Charity Finance Group (CFG) SORP consultation London event, where Access is one of the sponsors.
The consultation, launched by the Charity Commission and the Office of the Scottish Charity Regulator (OSCR) in July this year, comes after the recent issue of FRS 102 and is seen as a step towards aligning charity reporting with corporate standards. It sets out the key areas of change that charities can expect when mandatory measures take effect in January 2015.
While the scope of the draft SORP is extensive, the regulator has made concerted efforts to make it easy to understand.
For the first time, the consultation takes an online approach, breaking down over 200 pages into a series of downloadable modules. A questionnaire features among the online tools, designed to help charities quickly determine which areas of the SORP apply to them.
“Regulation aside, we believe the new draft SORP is a great step towards the ‘new era’ charity accountability,” said Rob Barr divisional director for NFP at Access. “Our approach within the NFP sector has always been about visibility of information, not just for financial heads and back office, but for the organisation as a whole. Naturally, there are areas of the SORP that fall outside the scope of business systems – but there are certainly key areas within financial reporting that will impact on all third sector organisations.
“The aim of this guide is to clarify what these changes are, and to highlight how the right systems can make the transition to the new SORP as simple as possible.”
Key areas of change highlighted in the guide include:
- proposed amends to the SOFA’s income and expenditure headings
- greater transparency within the Trustees’ Annual Report
- reclassification of income recognition and;
- the need for charities – even those previously exempt – to prepare cash flow statements
“We recognise that this new raft of changes – the first since 2005 – may seem daunting to some charities,” continues Rob. “What we try and explain is that with the right systems, small and medium sized organisations have nothing to fear from the new SORP.”
Access is getting behind the consultation by sponsoring a discussion at today’s CFG event where a packed agenda invites lively debate.
“The regulator is encouraging charities to get behind the consultation and we agree wholeheartedly with that,” concludes Rob. “By attending the CFG event, we hope to gain deeper insight into areas not just close to our own hearts such as performance reporting and SoFA, but into wider impacts such as salary transparency and social investments.
“We’re looking forward to hearing the sector’s views on how the SORP should work and will watch closely to ensure our systems are always fit for purpose.”
Download SORP 2013: Is your software ready?
More details on the Charity SORP can be found at the dedicated microsite.
For more information on Access’ not for profit software or for guidance on the new SORP proposal, email email@example.com or call us on 0845 345 3300.
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