Northern Trust (NASDAQ: NTRS) has said that it has launched a new Statement of Recommended Practice (SORP
) reporting solution to help institutional clients navigate the new UK SORP
The reporting requirements specified in the four SORPs
were used to create an initial list of search keywords.
The Charities SORP
sets out strict criteria that must be fulfilled before income can be deferred in accrued accounts.
The DfE also issue their own guidelines to Academies, in the form of the Academies Financial Handbook and have recently issued guidelines for implementation of the SORP
This is another change the smaller charities with less in-house financial skills will find difficult to deal with and all charities and their advisors will, in any event, require to spend time and resource ensuring compliance with the new SORP
when it is finalised and applies.
Melanie McLaren, FRCs Executive Director for Codes and Standards said: We welcome the updating of the charity taxonomy from SORP
2005 to FRS 102; in taking this step, the commission has enabled the charity sector to take the first step and report on the same digital playing field as for-profit companies.
The firm is also ensuring that the foundation complies with the requirements of the Charity Commission and the Charities SORP
Automated upgrades ensure the software is always up to date - a key consideration for compliance requirements, particularly in relation to the latest IFRS and SORP
regulations affecting organizations; while the hosted model also ensures the upgrade process can be achieved without any disruption or dent in user productivity.
Total quantity or scope of tender: The successful Tenderer will produce and audit the annual Statutory Accounts for SA in accordance with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and any other relevant legislation and standards such as UK GAAP/Charity SORP
Proven and probable Commercial reserves are based on a Group reserves report produced by an independent engineer and are defined in accordance with the UK SORP
'Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities'.
I welcome SORP
2005, as they represent good business discipline.
According to Graham: 'To enter the competition, charities must still comply fully with SORP
accounting requirements, but online accounts are more accessible, cheaper to produce and can be fully interactive.