Chapter 14 - Different types of entity Flashcards
1
Q
What do Not-for-profit entities need?
A
MAYBE audit under companies act 2006
other requirements
2
Q
CHARITY
Who governs charity accounting?
A
Charities Statement of Recommended Practice
SORP
3
Q
CHARITY
Charities preparing accounts need to include which statements?
A
Statement of financial activities (SOFA)
Summary income and expenditure
Balance sheet
Cash flow
Notes
(look in workbook)
4
Q
CHARITY
What extra information do charities need to include?
A
Probable legacies
Disclose:
- Key management personnel receiving employee benefits
- Number of staff receiving pay over £60,000
List of institutional grants
5
Q
CHARITY
What is the Audit requirement if
Gross income > £1 mil
A
Audit
6
Q
CHARITY
What is the Audit requirement if
Gross income between £25K to £1 mil
A
Independent verification of F/s
7
Q
CHARITY
What is the Audit requirement if
Gross income < £25K
A
Send copy to Charity Commission
