ICAEW AA Chapter 11 questions with verified solutions

ICAEW AA Chapter 11 Special entities - correct answer Extra regulations- bank/insurance/charities Subject to professional rules - solicitors Charities - correct answer Regulates under Charities Act 2016 Charities statement of Recommended Practice (SORP) - correct answer statement of financial activities (SOFA) - resources made available to charity and all expenditure incurred and reconciles all changes in its funds Summary income and expenditure account Balance sheet Cash flow statement Notes Financial thresholds exempt - correct answer Unincorporated if less than £1m unless Gross asset greater than 3.26m and gross income greater than £250k Gross income >£25k copy of account to charity commission £25k - £1m independent verification of FA where if later member of approved professional organisation Verification process less onerous than audit - lower level of assurance- whether any matter come to attention