• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
1A - Handouts for CHARITIES SORP 2015: WHAT YOU NEED TO KNOW
 

1A - Handouts for CHARITIES SORP 2015: WHAT YOU NEED TO KNOW

on

  • 110 views

 

Statistics

Views

Total Views
110
Views on SlideShare
86
Embed Views
24

Actions

Likes
0
Downloads
0
Comments
0

1 Embed 24

http://www.cfg.org.uk 24

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    1A - Handouts for CHARITIES SORP 2015: WHAT YOU NEED TO KNOW 1A - Handouts for CHARITIES SORP 2015: WHAT YOU NEED TO KNOW Document Transcript

    • Hand-out 1: Index of modules for FRS 102 and FRSSE SORPs Index of modules (FRS 102 SORP) Paragraph numbers Core modules Trustees’ annual report 1.1-1.54 Fund accounting 2.1-2.30 Accounting standards, policies, concepts and principles, including the adjustment of estimates and errors 3.1-3.48 Statement of financial activities 4.1-4.67 Recognition of income, including legacies, grants and contract income 5.1-5.59 Donated goods, facilities and services, including volunteers 6.1-6.31 Recognition of expenditure 7.1-7.46 Allocating costs by activity in the statement of financial activities 8.1-8.14 Disclosure of trustee and staff remuneration, related party and other transactions 9.1-9.32 Balance sheet 10.1-10.93 Accounting for financial assets and financial liabilities 11.1-11.40 Impairment of assets 12.1-12.22 Events after the end of the reporting period 13.1-13.8 Statement of cash flows 14.1-14.22 Selection 1: Special transactions relating to charity operations Charities established under company law 15.1-15.23 Presentation and disclosure of grant-making activities 16-1-16.25 Retirement and post-employment benefits 17.1-17.24
    • Hand-out 1: Index of modules for FRS 102 and FRSSE SORPs Selection 2: Accounting for special types of assets held Accounting for heritage assets 18.1-18.31 Accounting for funds received as agent or as custodian trustee 19.1-19.11 Selection 3: Accounting for investments Total return (investments) 20.1-20.12 Accounting for social investments 21.1-21.43 Accounting for charities pooling funds for investment 22.1-22.12 Selection 4: Accounting for branches, charity groups and combinations Overview of charity combinations 23.1-23.5 Accounting for groups and the preparation of consolidated accounts 24.1-24.39 Branches, linked or connected charities and joint arrangements 25.1-25.26 Charities as subsidiaries 26.1-26.8 Charity mergers 27.1-27.16 Accounting for associates 28.1-28.20 Accounting for joint ventures 29.1-29.20 Appendices Appendix 1: Glossary of terms Appendix 2: The Charity Accounting (SORP) Committee Appendix 3: Thresholds for the UK and the Republic of Ireland
    • Hand-out 1: Index of modules for FRS 102 and FRSSE SORPs Index of modules (FRSSE SORP) Paragraph numbers Core modules Trustees’ annual report 1.1-1.54 Fund accounting 2.1-2.31 Accounting standards, policies, concepts and principles, including the adjustment of estimates and errors 3.1-3.44 Statement of financial activities 4.1-4.60 Recognition of income, including legacies, grants and contract income 5.1-5.51 Donated goods, facilities and services, including volunteers 6.1-6.32 Recognition of expenditure 7.1-7.42 Allocating costs by activity in the statement of financial activities 8.1-8.14 Disclosure of trustee and staff remuneration, related party and other transactions 9.1-9.31 Balance sheet 10.1-10.91 Accounting for financial assets and financial liabilities 11.1-11.15 Write-down of assets to their recoverable amounts 12.1-12.22 Post balance sheet events 13.1-13.8 Cash flow statement 14.1-14.10
    • Hand-out 1: Index of modules for FRS 102 and FRSSE SORPs Selection 1: Special transactions relating to charity operations Charities established under company law 15.1-15.18 Presentation and disclosure of grant-making activities 16-1-16.25 Retirement benefits 17.1-17.23 Selection 2: Accounting for special types of assets held Accounting for heritage assets 18.1-18.33 Accounting for funds received as agent or as custodian trustee 19.1-19.14 Selection 3: Accounting for investments Total return (investments) 20.1-20.12 Accounting for social investments 21.1-21.41 Accounting for charities pooling funds for investment 22.1-22.12 Selection 4: Accounting for branches, charity groups and combinations Overview of charity combinations 23.1-23.5 Accounting for groups and the preparation of consolidated accounts 24.1-24.39 Branches, linked or connected charities and joint arrangements 25.1-25.26 Charities as subsidiaries 26.1-26.7 Charity mergers 27.1-27.16 Accounting for associates 28.1-28.19 Accounting for joint ventures 29.1-29.20 Appendices Appendix 1: Glossary of terms Appendix 2: The Charity Accounting (SORP) Committee Appendix 3: Thresholds for the UK and the Republic of Ireland
    • Hand-out 2 Statement of Financial Activities (FRS 102 version) 1 SORP Committee meeting 24 January 2014 Unrestricte dfunds Restricted funds Endowment funds Totalfunds Priorperiod totalfunds Further details £ £ £ £ £ Income and endowments from: Donations and legacies A1 Charitable activities A2 Other trading activities A3 Investments A4 Other A5 Total Expenditure on: Raising funds B1 Charitable activities B2 Other B3 Total Net gains/(losses) on investments B4 Net income (expenditure) Transfers between funds C Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets D1 Actuarial gains/(losses) on defined benefit pension schemes D2 Other gains/(losses) D3 Net movement in funds Reconciliation of funds: E Total funds brought forward Total funds carried forward
    • Hand-out 3 Statement of Financial Activities (FRSSE version) 1 SORP Committee meeting 24 January 2014 Unrestricte dfunds Restricted funds Endowment funds Totalfunds Priorperiod totalfunds Further details £ £ £ £ £ Income and endowments from: Donations and legacies A1 Charitable activities A2 Other trading activities A3 Investments A4 Other A5 Total Expenditure on: Raising funds B1 Charitable activities B2 Other B3 Total Net income (expenditure) Transfers between funds C Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets D1 Net gains/(losses) on investments D2 Actuarial gains/(losses) on defined benefit pension schemes D3 Net movement in funds Reconciliation of funds: E Total funds brought forward Total funds carried forward
    • Hand-out 4: Flowchart - Taking the FRSSE option Prepared accruals prior to 1 Jan 2015? Yes No Prepare trustees’ annual report per FRSSE SORP. Prepare accounts per FRSSE and applicable SORP modules adopting the SORP’s accounting policies as ‘current practice’ and disclosures that ‘must’ be made and have regard to those disclosures that ‘should’ be made. Format of SoFA and balance sheet as SORP. Statement of Cash Flows is optional Charity has a new type of transaction? No Prepare trustees’ annual report per the FRSSE SORP. Prepare accounts using the FRSSE and FRSSE SORP and where permitted an option to continue with charity’s ‘existing accounting policies ‘ (pre 1st January 2015) and ‘existing disclosures ‘. Must refer to the SORP charity specific modules for accounting policies and disclosures to follow as ‘current practice’ Format of SoFA and balance sheet as SORP. Statement of Cash Flows is optional. Yes Prepare trustees’ annual report per FRSSE SORP. Prepare accounts using the FRSSE and applicable SORP and where permitted an option to continue with charity’s ‘existing accounting policies ‘ (pre 1st January 2015) and ‘existing disclosures ‘. For new transactions that are not charity specific refer to the SORP for ‘current practice’ and disclosures that ‘should’ be made. For new transactions that are charity specific must refer to the applicable module(s) for the accounting policies to apply as ‘current practice’ and for the disclosures that ‘must’ be made. Format of SoFA and balance sheet as SORP. Statement of Cash Flows is optional