Varying views on Receipts and Payments accounting
9th July 2008, 10:58 am
The first systematic look at the effectiveness of Receipts and Payments (annual) accounts used by smaller charities, carried out on behalf of the Association of Charity Independent Examiners, found a very wide range of views.
Professional accountants and non-accountants alike had views ranging from believing that the R and P approach is clear and effective to serious concerns and that even the smallest charities should be required to produce SORP accounts.
The report ‘The Use of Receipts and Payment Accounts for Financial Reporting by Smaller Charities’ argues that the R and P regime is not flawed but needs additional investment and attention to make it work. In the long run the law should be changed to allow for regulations on R and P accounts, with a formal standard created in the meantime.
Download the report from http://www.shu.ac.uk/research/cvsr/outputs.html