Comment deadline for Investment Trust Company and Venture Capital Trust SORP
The Association of Investment Companies (AIC), in conjunction with its SORP Working Party, has published an Exposure Draft (ED) on a revised Statement of Recommended Practice setting out revised proposals for accounting for Investment Trust Companies (ITCs) and Venture Capital Trusts (VCTs) (“investment companies”) in the UK.
The ED updates the previous SORP (which was issued in January 2009) to include the requirements of FRS 100 ‘Application of Financial Reporting Requirements’, FRS 101 ‘Reduced Disclosure Framework’ and FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'; the three main standards that were introduced as a package to replace UK GAAP. Many paragraphs of the SORP have also been re-drafted to incorporate recent legislative changes which allow investment companies to distribute capital profits by way of a dividend.
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