Charitable providers need to know about new financial reporting rules

Posted on September 1st, by editor in Caring Times. No Comments

Business advisers and chartered accountants Hazlewoods LLP say charitable providers need to take advice on complying with new rules on financial reporting. Hazlewoods senior audit manager Georgina Godwin said all UK charities which had opened accounts on or after 1st April 2005 would have to start implementing the changes brought about by the Charities Statement of Recommended Practice known as (SORP 2005.) This is now likely to affect charities that have a year end of 1st September. Ms Godwin said charities should take advice from their accountants to ensure a smooth transition when implementing the new rules. “The underlying principals of SORP 2005 remain unchanged from SORP 2000 and the format and layout of financial statements remain very similar,” said Ms Godwin. “Major changes however will be seen in the presentation of the Trustees Annual Report. The purpose of this report is to discharge the trustees’ duty of public accountability and stewardship. “It often contains important information for users on

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