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:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
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.
