ABSTRACT
With over 170,000 charities accounting for over £17 billion of income it is somewhat surprising that there has been no mandatory audit and accounting regime for charities. This will all change now. In February 1995 the Home Office published draft regulations on the new accounting, auditing and reporting regime under the Charities Act 1993. The consultation period ended on 17 May 1995 and new regulations were published in October 1995 to come into force for accounting periods beginning on or after 1 March 1996. To facilitate a better understanding of the regulations they have been published along with the revised Statement of Recommended Practice (SORP) on accounting by charities.
