OSCR updates guidance on charity accounting
The Scottish Charity Regulator (OSCR) has updated its guidance on the legal requirements for preparing charity accounts and getting those accounts externally scrutinised.
Although the rules around charity accounting have not fundamentally changed, OSCR explained that it has updated its guidance so it is presented in a clearer format.
This guidance gives an overview of the law and provides essential information regarding charities' accounts.
"All of a charity's trustees are responsible for the preparation of the charity's accounts, even if they are not accountants or financial experts. So it's important that the guidance is accessible to all trustees," OSCR said in a statement.
The OSCR advised that before you begin to prepare your charity's accounts, you should read A Guide to Charity Accounts. This guide explains the type of accounts that your charity should prepare and the kind of external scrutiny of the accounts that is required.
"Getting accounting right is a vital task for charities as the annual report and accounts that each charity is required to prepare plays a huge part in public trust," OSCR head of professional advice and intelligence Laura Anderson said.
"We've worked with experts throughout the sector to help and make the guidance as easy to understand as possible. The language is clear, and we've highlighted further sources of help and advice should you need it."