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Charities alert: March 2013

Charities alert: March 2013


The Financial Reporting Council has issued FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (‘new UK GAAP’) which replaces current UK GAAP.

Key findings

In a nutshell:

  • FRS 102, the replacement for current UK GAAP, has been published and is mandatory for periods beginning on or after 1 January 2015
  • A new Charities SORP will assist in interpretation of the new standard, with consultation expected during the summer of 2013
  • Small charities will have to prepare a cash flow statement under FRS 102
  • One of the main changes affecting charities currently applying UK GAAP relates to revaluation of listed investments.

For further information please download the report or contact Reza Motazedi or Nikki Loan.


Download Charities alert new UK GAAP - Impact on charities (PDF)

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