"A must-have text for auditors and advisers of charities and for charity trustees and their finance team."
Since the publication of the first edition of
Accounting and Reporting by Charities in the Republic of Ireland in 2011, there have been significant changes to the financial
reporting regime operating in Ireland and to the regulation of the Irish
charities sector, including:
- FRS 102, which has replaced the previous generally accepted accounting practice (UK and Irish GAAP);
- the publication of the Charities SORP (FRS 102)
(Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with FRS
102);
- the establishment of the Charities Regulatory
Authority; and
- the commencement of most sections of the Charities Act 2009.
The purpose of this 2nd edition is to provide guidance to those charities in the Republic of Ireland that have opted to prepare their financial statements in accordance with the Charities SORP (FRS 102) in advance of any legal requirement to do so. Its contents include:
- The Trustees’ Annual Report
- Accounting for Charity Funds
- Statement of Financial Activities, Balance Sheet and Statement of Cash Flows
- Allocation of Costs by Activity
- Accounting Policies
- Grant-Making
- Accounting for Financial Assets and Liabilities
- Accounting for Branches, Charity Groups and Combinations.
As well as those involved in the preparation of financial statements for charities, and their professional advisors, this book is also a guide for trustees of charities to the requirements of the Charities SORP (FRS 102).
The Author
Teresa Harrington is a Fellow of Chartered Accountants Ireland. She was an audit partner with PwC and led the firm’s services to the not-for-profit sector until 2015. She has over 20 years’ experience with PwC providing a full range of services to charities operating in Ireland. Since 2015, Teresa has continued to work with and provide consulting services to the not-for-profit sector. She is a trustee/director on the board of Social Entrepreneurs Ireland and chair of its audit committee, a member of the audit committee of the National Library of Ireland, and an external member of the finance committee of the Royal College of Surgeons in Ireland.
Testimonials
"This book is a very timely and valuable contribution to the ongoing development of governance and financial reporting in charities in the Republic of Ireland. The Charities Regulator is expected to bring forward new legislation in 2019 making it mandatory for large charities to prepare an Annual Trustees’ Report and Financial Statements in accordance with the Charities SORP (FRS 102). The proposal is that 'Charities with annual gross income/expenditure over €250,000 will be required to prepare accruals accounts in accordance with the Charities SORP (FRS 102) and have their accounts audited by a registered auditor'. It is likely that this requirement will be effective for accounting periods commencing on or after 1 January 2020 with comparatives. This book has the requirements of Charities SORP (FRS 102) in mind, is very readable, focuses on all the key elements of the Trustees’ Report and Financial Statements and highlights complex areas which will require attention. This is a must-have text for auditors and advisers of charities and for charity trustees and their finance team."
Martin C. Nolan, B.Comm., FCA, AITI, MA, is the Director of Compliance and Professional Standards at Relate Software.
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