A second SORP update bulletin has been published that keeps the SORP up to date with changes to UK-Irish accounting that come into effect from 1 January 2019.

Full guides on downloading the SORPs, including one on choosing the right SORP, can be found on the Charities’ SORP website.

CTG members should note in particular the update to Module 13: Events after the end of the reporting period: clarifying when payments by subsidiaries to their charitable parents that qualify for gift aid are adjusting events occurring after the end of the reporting period. This is relevant to accounting for Gift Aid payments by charity subsidiaries, an issue that has been of concern to members and further comment will be made in due course.

Module 5: Recognition of income, including legacies, grants and contract income: clarifying when payments by subsidiaries to their charitable parents that qualify for gift aid should be accrued in the individual accounts of the parent charity may also be of interest to members.