New Forest

03/05/2022

Issues arising from the Ukraine crisis

Preparers of charity accounts need to be aware of how the Ukraine crisis could affect their reporting. The ICAEW has published guidance on the key issues that should be considered, which although not written with charities specifically in mind may be of use for those currently preparing accounts for charities that have been affected by the conflict.

Areas to focus on include the impairment of assets, disclosure of post balance sheet events and the need for adequate narrative reporting, which for a charity could include the need to explain in the trustees’ report how the conflict has impacted on the activities undertaken by the charity, the implications for its financial position and how future plans have been affected.

Guidance: https://bit.ly/3thN25L

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