Small charities/companies will be able to adopt section 1A of FRS 102, which allows reduced disclosures and omission of the statement of cash flows.

The SORP committee did consider if this could replace the FRSSE SORP but found that it would require too much repetition of the FRS 102 SORP. So while the FRSSE SORP will be an option for one year, for accounting periods from 1 January 2016 all charities will have to adopt the FRS 102 SORP.

It is expected that the FRS 102 SORP will be reissued this year to incorporate some exemptions for smaller charities - those with income of less than £500,000. These smaller charities should have an exemption from the cash flow statement and some reduced disclosure requirements.

Sayer Vincent have organised a SORP training seminar in London on 26 April 2016.
source sayervincent