Comments invited on new draft SORP for registered social housing providers

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11 Dec, 2013

The National Housing Federation (NHF) has published an Exposure Draft (ED) on a revised Housing Statement of Recommended Practice (“the Housing SORP”) setting out revised proposals for accounting for registered social housing providers in the UK.

SORPS issued by the NHF apply to social housing providers preparing accounts under UK GAAP to present a ‘true and fair view’ and are intended to supplement accounting standards and other legal and regulatory requirements to reflect transactions or circumstances that are unique to the housing association sector.

The ED updates the previous Housing SORP to include the requirements of FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Consistent with the effective date of FRS 102, the final Housing SORP will be effective for accounting periods beginning on or after 1 January 2015.  Early application is permitted for accounting periods ending on or after 31 December 2012 providing it does not conflict with the requirements of the current Housing SORP or legal requirements for the preparation of financial statements. 

Responses are sought from housing associations and other interested parties such as professional accounting bodies, the Homes and Communities Agency, and lenders.  

Comments are invited by the NHF until 14 February 2014.

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