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The SORP consultation so far... Laura Anderson

The SORP consultation so far... Laura Anderson. Key areas of discussion. Structure, format and accessibility Trustees’ Annual Report Statement of Financial Activities Specific accounting / reporting issues Methods and principles Simplification. Consultation questions (1).

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The SORP consultation so far... Laura Anderson

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Presentation Transcript

  1. The SORP consultation so far... Laura Anderson

  2. Key areas of discussion • Structure, format and accessibility • Trustees’ Annual Report • Statement of Financial Activities • Specific accounting / reporting issues • Methods and principles • Simplification

  3. Consultation questions (1) The SORP’s structure, format and accessibility • Modular format • Smaller charities • Terminology and language

  4. Feedback - structure, format and accessibility • Broad support for modular format • Does more for smaller charities but perhaps could go further still? • Options to tailor the content via the microsite are welcome

  5. Consultation questions (2) The Trustees’ Annual Report • Structure and content • Requirements for reporting achievements and performance • Level of information required

  6. Feedback - Trustees’ Annual Report • Retention of the ‘tell your story approach’ is supported • Often difficult to get trustees engaged in preparing the report however • Some concerns regarding disclosures of key risks and mitigation strategies

  7. Consultation questions (3) Statement of financial activities • Simplification of format and headings • Retention of columnar approach

  8. Feedback – SoFA • Simplification of headings - mixed feelings • Simpler language is good • No ability to match income and expenditure • No disclosure of governance costs on the SoFA – mixed response • How well does the term ‘earned’ work in the charity sector?

  9. Feedback – SoFA (continued) • Columnar format has significant support: • Now familiar and accepted • Distinction between unrestricted and restricted funds is critical • Supports effective governance

  10. Consultation questions (4) • Charity specific accounting and reporting issues • Charity specific disclosures • Grant making • Staff salaries • Source of disclosure requirements

  11. Feedback – specific issues • Lively debates about salary disclosures – a North / South divide? • Public interest • Accountability • Negative effects • Sources of disclosure – mixed responses depending on audience

  12. Consultation questions (5) • Accounting methods and principles • Continued support for the FRSSE ? • Removing unnecessary requirements • Simplifications agreed? • Further simplification ?

  13. Feedback – principles and simplification • FRSSE and FRS 102: • Agree the draft supports both standards • Could it do more to allow users to focus on requirements under each? • Simplifications welcomed – e.g. requirements re summary financial statements

  14. Why should I get involved? • A real opportunity to influence the future of charity accounting • Helping to develop the SORP into the best possible support tool • Sector is so diverse so all opinions are needed and welcomed

  15. How to comment Closing date 4 November 2013 • Web form available on microsite: www.charitysorp.org • By email: SORP.thefuture@charitycommission.gsi.gov.uk

  16. Comment by post Nigel Davies, Secretary to the SORP Committee Charity Commission for England and Wales Woodfield House Tangier Taunton TA1 4BL

  17. Thank you for listening... Please visit the SORP microsite at www.charitysorp.org

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