Ask the Expert - Implementing New Financial Reporting Criteria

A workshop covering an overview of the changes brought in by the new FRS102 and SORP 2026 requirements for charities and social enterprises and the key practical challenges for implementation.

This session covers an overview of the key changes introduced by the new FRS102 and SORP 2026 for charities and social enterprises, including the practical changes and challenges brought in for initial application, additional requirements for the trustees’ annual report, updated accounting policies, income and leasing calculations, and the implications for accounting systems, management reporting, budgeting and funding applications.

Through practical examples and interactive discussion, you will have a clearer understanding and knowledge of how to approach and make the changes in your charity and what choices you have.

Who should attend?

Treasurers, trustees, finance directors, managers and bookkeepers at small and medium sized charities, CICs and other social enterprises.

Outcomes

By the end of the session, participants will have:

· An understanding of the key changes, and in particular those that may impact their organisation(s)

· What these changes mean in practical terms, including for data collection, calculations, management reporting and for funding applications

· An informed view of the approaches available for the transition period

· An initial view as to how the changes to the financial statements and reporting may be communicated to internal and external stakeholders who may be users of the accounts, especially given that some figures may change substantially

What will it cover?

· An overview of the changes brought in by FRS102 and SORP 2026

· New SORP tiers and accounting and audit thresholds

· Updates that may be needed to accounting policies

· New disclosure requirements for the trustee’s annual report (such as volunteers and reserves)

· New accounting approaches for income recognition and leases

· Income recognition and the new 5-step model including implications for and for financial and management reporting and budgeting

· Approach and choices for transition, including the potential for some smaller charities to switch to receipts and payments accounts

· Implications for accounting and audit thresholds, loan covenants and for funding applications

Trainer: Neal Trup

Neal is a Chartered Accountant and trainer with a specialist focus on community charities and social enterprises. He is also a member of the Charities SORP Committee, where he holds a particular responsibility for smaller charities.