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August 27, 2020

ICAS issues going concern guidance for charities

By Joe Pickard

The Institute of chartered Accountants of Scotland (ICAS) has issued guidance to support charity trustees to prepare a robust assessment of their charity’s ability to continue as a going concern.

The guide is for trustees preparing their accounts in accordance with FRS 102 and the Charites SORP (FRS 102).

ICAS head of charities and pensions Christine Scott said: “It is the responsibility of trustees to carry out an assessment of their charity’s ability to continue as a going concern. Auditors and independent examiners will be asking trustees for evidence in support of their conclusions so it essential for the trustees to be well prepared.”

ICAS charities panel chair Colin Kerr said: “Whether it’s ‘business as usual’ or a charity is facing significant uncertainties, the position of a charity trustee is subtly different from that of a director of a commercial company. The priority of a trustee board is not to protect shareholders’ investments or to maximise financial returns. Our guide is, therefore, tailored to the specific needs of charities and their trustees.”

“While the COVID-19 pandemic has been the driver for developing the guide, it is designed to support trustees during more normal times too.”

 

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