Accounting and financial reporting
It is important your business or charity produces accurate financial reports on a timely basis. Whilst a statutory requirement, these can also form an important management tool to review past performance and plan for the future.
Every business and charity are required to keep accurate accounting information. But rather than being a time-consuming admin task, good quality accounting can form an important management tool, providing accurate and up-to-date information that can feed in to management decisions and help you analyse your performance against expectations.
We can help implement appropriate systems, advise on suitable cloud based accounting systems and ensure your organisation meets the relevant accounting and tax legislation including Making Tax Digital.
Or why not let us manage your accounting records, with our comprehensive bookkeeping services.
Financial reporting is a complex and ever-evolving process with various financial reporting frameworks in which UK entities can report under. Ongoing compliance with the relevant standards can be a time-consuming responsibility.
We ensure our clients present accurate financial statements that are kept up to date with changes in legislation and company law.
We have experience and knowledge of the accounting and financial reporting requirements of IFRS, FRS 102 encompassing section 1a, FRS 105, IFRS and the Charities SORP.
- Limited companies
- Partnerships and LLPs
- Groups and consolidated entities
- Charitable and not-for-profit entities
- Property and service charge accounting
- Tenant Management Organisations (TMOs)
Most non-small UK entities will report under FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Our experienced team will ensure your financial report have appropriate disclosures, and the transactions and balances are stated accurately.
FRS 102 Section 1A
Small UK entities are able to adopt the small entity requirements of FRS 102. Whilst the recognition and measurement requirements of FRS 102 will still apply, Section 1A has reduced disclosure and presentation requirements. Such differences include:
- The ability to omit the profit and loss account and directors’ report when filing accounts with the Registrar (though this does not apply to charitable companies).
- Reduced number of disclosures in the notes to the accounts.
Micro-entities, the smallest UK entities, are able to prepare their annual financial statements under FRS 105. Based on FRS 102, this standard has slightly differing accounting requirements and significantly reduced reporting obligations. Whilst there are some types of organisation unable to adopt FRS 105, it is likely to be most suitable for one-person businesses and growing organisations.
The Charity Commission’s Statement of Recommended Practice (the “SORP”) sets out the accounting and disclosure requirements for those involved with the preparation of the accounts and trustees’ annual report of a charity.
At Simpson Wreford & Partners, we advise and work with a number of charitable organisations, ensuring the provisions and standards of the SORP are appropriately adopted to the annual accounts, the supporting notes and trustees’ annual report.
There’s a better way to manage your finances.