Charity Accounting and Taxation

Charity Accounting and Taxation, Sixth Edition provides those dealing with charity finances with a clear and easy to follow guide to all aspects of preparing annual financial statements for charities of all sizes.

Updated in in line with FRS 102 and the revised Charity SORP

Due to the nature of charities such as their legal structure and the fact that they deal with money from a large number of third parties, their annual accounts are subject to tight regulation, including a statutory annual audit for most.

Last published in 2010, this title contains expert guidance from the Buzzacott charity team on preparing all aspects of a financial statement so that it complies with relevant legislation including the Charities Act 2011; financial reporting standards, including FRS 102 which comes into force on January 1 2015, and the revised Statement of Recommended Practice (SORP) issued by the Charity Commission in the summer of 2014. It also provides advice on complying with all tax legislation and suggests planning points that will allow charities to avoid any potential direct pitfalls and manage their affairs in the most tax-efficient way.

Charity Accounting and Taxation, Sixth Edition is an invaluable source of guidance on preparing and auditing charity accounts prepared in line with the revised Charity SORP. Both finance teams within charities and accountants and auditors in practice with charities among their client base will use this on a regular basis.

Contents:

Charity; Trustees' Responsibilities; Accounting requirements; Trustees' report; Accounting policies and accounts structure; Statement of financial activities; Incoming resources; Resources expanded; Balance sheet presentation; Fixed assets, valuations and depreciation; Current assets, liabilities and reserves; Cash flow statements; Notes and disclosures; Summarised accounts; Scottish, Irish and exempt charities; Audit and other external scrutiny; Tax exemptions and charities; Tax and trading activities of charities; Tax incentives to donors; Charities and VAT; Appendices.