This WCVA training course will examine the release of the new charity Statement of Recommended Practice.

Summer 2014 sees the release of the new charity SORP (Statement of Recommended Practice). With the exception of charities who prepare their accounts on a receipts and payments basis, this will bring the first change in charity financial reporting for over a decade.

The SORP will be effective for accounting periods commencing on, or after, 1 January 2015. Understanding the main changes and how they will impact upon your charity’s financial statements will be vital over the next few months, since the new requirements will also need to be applied to the comparatives in the 2015 financial statements.

This essential seminar for trustees will cover the following areas:

• A summary of the accounting and financial reporting framework for charities
• Changes in disclosure requirements
• The practical impact of the changes, and how to prepare for your first set of SORP compliant financial statements
• The impact of the new SORP on the financial statements including:
• The trustees’ report
• The Statement of Financial Activities (SOFA)
• The balance sheet.

Find out more on the WCVA website.