Statements of Recommended Practice (SORPs)
SORPs are sector-driven recommendations on financial reporting, auditing practices and actuarial practices for specialised industries, sectors or areas of work, or which supplement FRC standards and other legal and regulatory requirements in the light of special factors prevailing or transactions undertaken in that particular industry, sector or area of work that are not addressed in FRC standards.
SORPs also address matters that are addressed in FRC standards, but about which additional guidance is considered necessary.
To be recognised as a SORP-making body, a particular industry or sectoral body must meet criteria set by the FRC and must agree to develop SORPs in accordance with the Policy on developing SORPs.
Current and previous versions of SORPs are generally available from the relevant SORP-making body. Users should ensure that they are using the correct version of the relevant SORP. SORPs are available from the following bodies/websites:
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SORP
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Bodies/websites
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Accounting and Reporting by Charities (FRS 102)
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The Charity Commission for England and Wales, the Charity Commission for Northern Ireland and the Office of the Scottish Charity Regulator are responsible for issuing the SORP for charities.
The SORP, along with related Information Sheets, Help Sheets, and other guidance, is available on the Charities SORP website.
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Statement of Recommended Practice: Accounting for Further and Higher Education
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SORPs related to further and higher education are issued by Universities UK.
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Accounting by Limited Liability Partnerships
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SORPs relating to LLPs are issued by the Consultative Committee of Accountancy Bodies (CCAB).
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Financial Reports of Pension Schemes: A Statement of Recommended Practice
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SORPs relating to pensions are issued by the Pensions Research Accountants Group (PRAG). Information on the SORP and other related PRAG information is available to purchase from PRAG.
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Financial Statements of UK Authorised Funds
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The Investment Association (previously known as the Investment Management Association) is the SORP-making body.
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Housing SORP
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The Housing SORP is issued by the National Housing Federation, Community Housing Cymru, the Scottish Federation of Housing Associations and the Northern Ireland Federation of Housing Associations and is available to purchase.
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Financial Statements of Investment Trust Companies and Venture Capital Trusts
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SORPs relating to investment trusts are issued by the Association of Investment Companies (AIC), formerly the Association of Investment Trust Companies.
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The Accounting Direction for social housing providers is available on UK governmental page.
These pages are provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.
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