The Financial Disclosure Reporting Checklist: Charities SORP (FRS 102) published by Crowe has been updated.
The changes incorporate the disclosure requirements set out in Information Sheet 4 ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Multi-employer defined benefit plans’ and Information Sheet 5 ‘The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, as applied to Charitable Companies’.
Information Sheet 4 is relevant to those charities who previously accounted for a defined benefit pension scheme as a defined contribution pension scheme, and are bringing the pension liability onto the balance sheet for the first time.
Information Sheet 5 is applicable for large charitable companies (as defined in the Companies Act 2006 and regulations made thereunder) and sets out the disclosure requirements for Streamlined Energy and Carbon Reporting. Download detailed guidance on these disclosures.
The checklist is designed to assist charities preparing accruals-based accounts to comply with the requirements of the Charities SORP (FRS 102), and is therefore not appropriate for charities preparing receipts and payments accounts, who should continue to follow the guidance provided by the Charity Commission in CC16.
Trustees and management should use the checklist as a tool when preparing their financial statements for the forthcoming reporting cycle as an aid to ensure that all relevant disclosures have been included.
Information provided by Crowe UK, March 2022.