On 1 April 2014, the new Financial Reporting Act 2013 and the Financial Reporting (Amendments to Other Enactments) Act 2013 came into force. Historically there has been no legal requirement to comply with accounting standards. While many charities attempted to comply with existing accounting standards, the quality of compliance has been variable. The new framework has a significant impact on registered charities. The requirement to comply is now legislative and regulated.
Supporting you with your transition
Grant Thornton has developed a detailed transition methodology that can help you navigate the complex new reporting structure. It supports you through the transition process and is based on a four pillar approach, click here to find out more.