Friday, 9 October 2015

New consultation on the charity taxonomy (FRS 102 SoRP) How you present your charities accounts to the Charity Commission

Taxonomy consultation

Please take this opportunity to familiarise yourself with the new taxonomy and participate in the consultation which opened on 8 October and runs for 2 months. The consultation closes on 8 December 2015 after which the taxonomy will be finalised. Your views are important. 
What does this mean?
 “taxonomy” – a digital listing which defines how computers read the individual items of financial data that are submitted in charity accounts. However the Commission said that smaller organisations may need more help to file digitally, and so it plans to develop accounts templates to help them.

The Commission said that currently 70 per of companies file digital accounts with Companies House, it wants to enable charities to do the same.