Regulators seeking engagement partners for new charity SORP
The Charity Commission, along with the other UK regulators is seeking engagement partners to join key stakeholder groups that will help to gather feedback and ideas for changes to the charities Statement of Recommended Practice (SORP).
The SORP is the set of rules which governs charity accounting for charitable companies and larger charities (charities with an income over £250,000). The main purpose of the SORP Committee is to identify potential changes to the SORP and advise the SORP-making body.
Engagement partners can be individuals or organisations. They will have an interest in charity financial reporting and the work of the sector, and will have the opportunity to work with the SORP Committee to make sure that their views are expressed correctly.
These partners will be put into stakeholder groups based on their main areas of work. Groups will be asked to reflect on:
- The information needs of users of charity annual reports and accounts
- How far the SORP needs to change to meet those needs
- What information users of the SORP need to prepare for good annual report and accounts
- Opportunities to simplify and remove unnecessary reporting and ensuring technical compliance with the UKIrish Generally Accepted Accounting Practice (GAAP)
The views of the stakeholder groups inform the work of the advisory Charities SORP Committee and so shape the future form and content of the SORP.
The news follows an announcement earlier this year that the Charities SORP-making body will be changing the way that the accounting framework is developed.
The Charity Commission says that those interested in becoming an engagement partner should read this information pack. It provides information about the role and how to apply. The closing date for applications is 31 January 2020.