Changing times for the Financial Reporting Standard for Smaller Entities (FRSSE) and the Statements
For periods beginning on or after 1 January 2015 there are two new SORPs, the FRS102 SORP and the FRSSE SORP which replace SORP 2005. Smaller charities which meet the criteria can use the FRSSE SORP or can choose to use the FRS102 SORP.
However, FRSSE will no longer exist for periods beginning on or after 1 January 2016, in its place FRS102 will have additional sections inserted to cover FRSSE items. This means that the charity sector will have to decide whether to keep the two SORP approach or to revert to one SORP.
There will therefore be a period of consultation:
- June 2015 to September 2015 - Consultation
- on whether to drop the ‘small entities’ option
- October 2015 - Solution to FRSSE SORP is settled and updates required to FRS102 SORP agreed
- December 2015/January 2016 – Financial Reporting Council approval obtained for the above
- Quarter 1 2016 - Publication of relevant SORP(s)
Date: 23rd July, 2015
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