SORP Committee
SORP (Statement of Recommended Practice) Committee
Charities preparing accrued accounts are required to do so in line with Accounting & Reporting by Charities:Statement of Recommended Practice (Charities SORP 2005).
The Charity Commission and OSCR are authorised by the Accounting Standards Board (ASB) as the SORP-making body and as such take the responsibility for organising the SORP review, drafting any revision and undertaking the consultation process. In making recommendations, the Charity Commission and OSCR are expected to act on the recommendations of an expert committee - The SORP committee. The recommendations of the SORP committee are then tested through extensive consultation before recommendations are finalised and published.
To find out who is on the Committee, view the list of members.
The drivers for the development of the SORP are changes in UK Generally Accepted Accounting Practice and changes to charity and company law. The SORP Committee will need to consider how developments in accounting standards, reporting practice and the law will impact on the development of the SORP and recommend any changes required. Any changes to the SORP are released for consultation in accordance with ASB requirements.
To find out about the latest developments view the agenda, draft minutes and Committee papers from the most recent meeting. For background information please read past papers from the SORP Committee.
Click to read the second edition of SORP 2005, updated in July 2008 .
The SORP information sheets provide with informal guidance on the application of the SORP. Their purpose is to assist practitioners in preparation of financial statements
Information sheet 1 technical application process
Information sheet 2: statement of Principles for financial interpretation for public benefit entities
Accounting for Heritage Assets: details of the additional disclosures and information required by the Financial Reporting Standard 30: Heritage Assets
At the SORP Committee's November 2007 meeting the Committee agreed to begin a research programme seeking the views of funders and financial supporters, and other stakeholders, as to how charity reporting and accounting could better meet stakeholders' needs. An initial Stakeholder Forum event was held on 25 April with a series of stakeholder roundtables to be held from the autumn, finishing in the Spring of 2009. For more information on the Forum and the stakeholder roundtables view the SORP research programme page.
Accounting Standards Board Consultation
The Accounting Standards Board (ASB) consultation on the future of the UK Generally Accepted Accounting Practice (UK GAAP) closed on 1 February 2010.
Submissions to the ASB consultation on the future of UK GAAP
- View the SORP Committee letter and annex
- View the submission from OSCR
- View the submission from the Charity Commission for England and Wales and the annex
- View the review of the UK GAAP consultation events held by the SORP Committee in January 2010.
The Committee has planned a full schedule of work for 2010. The planned meeting in March is not being held and the next meeting of the Committee will take place on 8 July 2010.
