Transcription of 10. Balance sheet - Charities SORP
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10. Balance sheet - Charities SORP
Accounting and reporting by Charities EX POSU RE D RAF T CONSULT AT ION DR AF T 82 10. Balance sheet Introduction All Charities preparing accruals accounts must prepare a Balance sheet at the end of each reporting period which gives a true and fair view of their financial position. The Balance sheet provides a snapshot statement of a charity s assets and liabilities and how these are represented by the different classes of funds held by a charity. The objective of the Balance sheet is to show the resources available to the charity and whether these are available for all purposes of the charity or have to be used for specific purposes because of legal restrictions placed on their use. This module applies to all Charities , whether reporting under the FRSSE or FRS 102, and sets out: the structure of the Balance sheet ; fixed assets headings, classification and disclosures; current assets headings, classification and disclosures; liabilities headings, classification and disclosures; and funds classification and disclosures.
Accounting and reporting by charities EXPOSURE DRAFT CONSULTATION DRAFT 82 10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end
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