How do I apply the Charities SORP (FRS 102) – Update Bulletin 1?

Article ID

ias-12334

Article Name

How do I apply the Charities SORP (FRS 102) – Update Bulletin 1?

Created Date

14th October 2016

Product

IRIS Charity Formats

Problem

Charities SORP Consultation(s) - Replacement of FRSSE Charities SORP

Resolution

From version 16.3 which is now available to download from our website, you can now apply Charities SORP FRS 102 – Update Bulletin 1. For accounting periods starting on or after 1st January 2016 all charities are required to adopt SORP (FRS 102) as amended by Update Bulletin 1 (which implemented the withdrawal of the Charities SORP (FRSSE)). Note: Early application of the amendments made to Charities SORP (FRS 102) by Update Bulletin 1 is permitted for reporting periods beginning on or after 1st January 2015 To apply Charities SORP (FRS 102) as amended by Update Bulletin 1 within IRIS Accounts Production you would need to ensure “FRS 102” is selected as the Accounting Standard. Where Charities SORP (FRS 102) has not previously been applied, a transition will be required (a date that the accounting standards applies must be entered under Client | View | A/P Dates – this date will determine the first year of adoption). Please refer to separate guidance on How to create a set of FRS 102 accounts. Where early application of “Update bulletin 1” is required select Edit | Data Screens | UK (FRS 102) | SORP FRS102 – Update Bulletin 1 (this screen is only available for periods starting on or after 1st January 2015 but before 1 January 2016). Governance Costs: Under SORP (FRS 102) Governance Costs are now included within expenditure on Charitable Activities as a separate component of Support Costs. New account codes for Governance costs (451-476) should therefore be used (for first year of adoption postings should be moved from accounts 193-218 within the restated comparatives).