Future Changes to the Charities Accounting Rules
Posted: Saturday 8 May 2010
Legislation affecting Scotland’s charities has seen radical changes over the last 5 years, not least the rules surrounding the preparation of charity accounts. There are more changes to come.
Recently, the Scottish Government announced that new regulations contained in the Charities Accounts (Scotland) Amendment Regulations 2010 will come into force on 1 April 2011. The changes will apply for financial periods starting on, or after, that date.
Whilst some of the changes are minor, 3 important amendments are set out. These are:-
- Changes to the thresholds for the preparation of accruals accounts;
- Changes to the asset threshold for audit by a registered auditor; and
- Changes to some of the definitions in the governing legislation.
