Call for charities to present more detailed accounts

There has been a call for more detailed accounting practices in the charities sector, with the profession’s umbrella body claiming it was “essential” in providing full transparency.

Following a string of controversies involving charities in recent years, the Association of Chartered Certified Accountants (ACCA) has said it is now time for the formal and compulsory introduction of the charity SORP, the statement of recommended (accounting) practice, which is already compulsory in the North and throughout the UK.

ACCA said accounting standards in Ireland simply show how much a charity has raised and how much was spent, which it said meant a severe lack of detail whereby a breakdown of revenue versus expenditure was not outlined and explained.