Charity - Stop press
The purpose of the ‘Stop press’ section is to keep subscribers aware of important developments that have not yet been incorporated into the main text. Each item will give an indication of when it expected to be incorporated into the main text. When this occurs, the item will be removed from ‘Stop press’ and will be listed under ‘What’s changed’.
Charities Act 2022 (February 2022)
The Charity Commission has developed a plan that will aim to gradually implement the changes by autumn of 2023, and will issue detailed guidance on the changes when relevant provisions come into force.
The amendments are aimed at easing regulatory pressures on trustees in areas such as: governing documents or Royal Charters, land disposals, permanent endowments, payment for goods provided by trustees and failed appeals.
Amendments will be integrated into guidance and tools in the Charity section of Navigate UK GAAP Accounting in due course.
2022 Financial Reporting Standards
On 31 January 2022, the Financial Reporting Council (FRC) issued an updated set of Financial Reporting Standards (FRS) which incorporated the amendments made since the 2018 FRS were issued, together with updates to reflect changes in Irish law and minor editorial updates.
Further details can be found here.
Where relevant the guidance will be updated, and the FRS links will be updated to the 2022 version of the standards in due course.