When will charities have to prepare financial statements that comply with the new standards?

Although the standards come into effect on 1 April 2015, they will only apply to a charity’s first full financial year that starts on or after 1 April 2015.

Charities may wish to use the standards before this time. This would give them the opportunity to become familiar with the standards before they become mandatory.

For 31 March balance dates - Your first reporting period under the new standards will be 1 April 2015 to 31 March 2016. You will have to file new financial statements with Charities Services by 1 October 2016.

For 30 June balance dates - Your first reporting period under the new standards will be 1 July 2015 to 30 June 2016. You will have to file new financial statements with Charities Services by 1 January 2017.

For 31 December balance dates - Your first reporting period under the new standards will be 1 January 2015 to 31 December 2016. You will have to file new financial statements with Charities Services by 1 July 2017.

For other dates - Your first reporting period under the new standards will be the first full financial year after 1 April 2015. You will have to file new financial statements with Charities Services six months after the balance date.