Charities SORP FRS 102 (Third Edition) 2025

Charities SORP FRS 102 (Third Edition) 2025

by | Feb 16, 2025 | Blog, News

In March 2024, the Financial Reporting Council (FRC) completed the Periodic Review of FRS 102, following a consultation period. The principal effective date of the periodic review is 1 January 2026.

What this means for the Charities SORP

The drafting of the new SORP is being speedily progressed based on the final FRS 102 amendments. The new SORP will be subject to a 3-month consultation period which is anticipated to go live early around March 2025. It is likely that the new SORP will be published no later than Autumn 2025 for an effective date of 1 January 2026.

The expected SORP timeline is set out below (extract from the charity SORP website.)

Mar-24 Jan-Mar 2025 Jun-Jul 2025 Mar-25
FRC issued amendments to periodic review of FRS 102 FRC approval of draft SORP and consultation Review consultation responses and update SORP as necessary Publish SORP for 1 Jan 26 effective date
Mar-Dec 2024 Mar-25 Aug – Sep 2025
SORP drafting to update SORP for FRS 102 and wider SORP review 12-week Consultation FRC Approval of final SORP

 

Further updates are expected soon on the Charity SORP website.

For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:

ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements.  Please contact John McCarthy FCA by email at john@jmcc.ie.

Auditing of Charities

Auditing of Charities

by | Apr 7, 2019 | News

Charity audits are high risk, as has been shown in the recent news story about the disciplinary action against the auditors to the former charity Console.

Auditors have always been expected to have relevant knowledge corresponding to the task in hand and it’s important to have a clear understanding of the key risks involved in auditing a charity, especially because various donor agencies such as the HSE, Tusla and Pobal, to name just a few, have high expectations of what auditors can deliver.

One of the criticisms in the 2017 CRA report on Ataxia Ireland was that it ‘did not set formal objectives for the CEO and/or perform a documented appraisal of the CEO’s performance.

One of the webinars on our site helps auditors to gather their thoughts and plan an effective audit, pinpointing the likely areas of risk including:

  • Cut-off
  • Fraud
  • Failure to report related party transactions
  • Incomplete income due to failure to invoice for services rendered or records invoice issued
  • Non-receipt of income due from funder
  • Misapplication of restricted funds

 

For the answer to this and other questions on the Audit of Charities, go to our website and download the webinar on this topic for just €45. On successful completion, receive a CPD certificate for your newly acquired knowledge. Well done!

There is an accompanying webinar on the Accounting for Charities – also for €45, or you may purchase the two at the same time for €80.

All our webinars are accessible at any time (for 12 months from date of purchase) here.

For the following ready to use charity engagement letters (in Word) available to purchase online (bulk discounts for purchases of 5 or more at the same time) please click on the relevant links: