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The Office of the Third Sector, working closely with the Charity Commission, has published a consultation on changes to the audit, accounting and reporting rules for charities.
The consultation covers several key changes to regulations, which are required to implement provisions of the Charities Act 2006 and Companies Act 2006. The changes will be made by an Order under the Charities Act, and by updating the Charities (Accounts and Reports) Regulations 2005.
Key changes include:
The consultation will run until 14 September 2007, and the proposal is that, subject to Parliamentary approval of the regulations, changes would take effect for charities' financial years starting on or after 1 January 2008.
A specific consultation paper and impact assessment is available for the small number of investment fund charities that may be affected by these changes.
Given the level of interest in the public benefit requirement of the Charities Act, we have also provided an extract of the consultation document which focuses only on the proposals for reporting public benefit through trustees' annual reports.