New Statements of Recommended Practice for charity accounting have been published (SORP's). All charities that prepare accrual accounts must follow them, they support charities implementing the new UK Generally Accepted Accounting Practices (GAAP) that takes effect for financial years beginning on or after 1st January 2015.The main changes relate to the trustees annual report from 2015, charities with no reserves policy need to report this, a requirement for larger charities to explain their approach to risk management and the names of all charities' trustees must now be disclosed.
More information is available on the Charity Commission website
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