We are pleased to announce that L’Arche Ireland has adopted the Statement of Recommended Practice for Financial Reporting by Charities (SORP) 2015 (FRS 102), an accounting and reporting standard developed by the Charity Commission for England and Wales, and by the Scottish Regulator specifically for the charity sector.
To comply with the standard, charities ought to adopt the new financial reporting regime, requiring the adoption of new accounting policies and the restatement of comparative balance sheets. While it might mean charities spend some extra time reporting, it has several advantages, since it provides more clarity to all stakeholders on where and when money comes to a charity and how it is used.
While the Charities SORP has no jurisdiction outside UK, Irish charities such as L’Arche have voluntarily adopted it in order to follow a best practice approach in relation to accounting and reporting. In L’Arche Ireland’s case, we have done it because we know trustworthiness is key in the relationship with our stakeholders. We understand the critical nature of providing clear and concise information regarding our finances.
It is tantamount we maintain the highest levels of governance in how we operate every day. That is why we strive to provide absolute access and transparency, and remain committed to continuous improvement. We will continue to hold ourselves accountable for our actions in order to provide our stakeholders with the transparency they require and deserve.
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