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The Charities Accounts (Scotland) Amendment Regulations 2016
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- Scottish Statutory Instruments
- 2016 No. 76
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Charities Accounts (Scotland) Regulations 2006 (“the principal Regulations”).
Regulation 2(2) amends the definition of “registered social landlord” to extend its application to charities who are registered as social landlords in England, Wales and Northern Ireland. The effect of extending the definition is to ensure that bodies which are registered as charities in Scotland but are also registered social landlords in England, Wales or Northern Ireland prepare their statements of account in accordance with their own specialist industry statements of recommended practice.
As a result of changes by the Financial Reporting Council to accounting standards in the UK and the Republic of Ireland, from 1st January 2016, all charities in the UK and the Republic of Ireland must apply the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) when preparing their accounts on an accruals basis. The Financial Reporting Standard for Smaller Entities (FRSSE) previously applicable to qualifying charities has been withdrawn by the Financial Reporting Council.
The Statement of Recommended Practice providing guidance to charities on how to apply the FRSSE (ISBN 978-1-84508-422-6) is therefore no longer applicable and has been withdrawn by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator. The Statement of Recommended Practice to provide guidance to charities on how to apply the FRS 102 (ISBN 978-1-84508-421-9) has been updated by the Charities SORP FRS 102 Update Bulletin.
Regulation 2(3) updates the definition of “the SORP” in the principal Regulations to take into account the above changes.
Both the Statement of Recommended Practice on how to apply the FRS 102 (ISBN 978-1-84508-421-9) and the Update Bulletin are available from the Chartered Institute of Public Finance and Accountancy or can be downloaded free of charge from www.charitysorp.org.
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