Accounting and reporting guidance published

The new regulations apply to all charities registered with CCNI with a financial year on or after the 1 January 2016, however the Charity Commission is strongly recommending that as a matter of good practice all charitable organisations should apply the full accounting and reporting regulations to the preparation of their accounts and reports.

Frances McCandless, Commission Chief Executive explained that:

 “This is a new development, and for many charities will be the first time they are required to report annually to a regulator as well as the first time their accounts and reports will be made public.”

The guidance will help charity trustees, and anyone working with charities, to understand the new rules for the preparation and scrutiny of charity accounts, the annual report and the annual monitoring return. The overall summary document includes useful flowcharts which will help charities easily identify what they have to do now.

The following guidance is now available to download from the accounting and reporting guidance section of the Commission’s website:

• Charity reporting and accounting overall summary
• Charity reporting and accounting the essentials guidance
• Receipts and payments accounts guidance
• Accruals accounts guidance
• Annual monitoring return guidance
• The trustees annual report and public benefit reporting guidance

Please note the interim reporting guidance is still relevant for registered charities with a financial period that began before the 1 January 2016.