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Two further SORPS published to reflect the requirements of new UK GAAP

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08 Jan 2015

The National Housing Federation (NHF) and The Pension Research Accountants Group (PRAG) have both published revised Statements of Recommended Practice (SORPs), updated to reflect the requirements of Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

SORPS are intended to supplement accounting standards and other legal and regulatory requirements to reflect transactions or circumstances that are unique to particular sectors such as housing and pensions.

The revised SORP, published by the NHF, sets out revised guidance for accounting for registered social housing providers in the UK.  It has been published following an original consultation in December 2013 and a second consultation on impairment of social assets in April 2014.

The revised SORP, published by the PRAG, which will replace the current 2007 SORP, sets out revised guidance for financial reporting by pension schemes.  It has been published following a consultation in April 2014.

The revised SORPs are effective for accounting periods beginning on or after 1 January 2015, consistent with the effective date for FRS 100 ‘Application of Financial Reporting Requirements’, FRS 101 ‘Reduced Disclosure Framework’ and FRS 102.

Copies of the SORPs are available from the NHF and PRAG websites.  A Deloitte guide to the pension SORP is available here.

*Update June 2015 - the PRAG and the Investment Association have published a practical guide to help pension schemes, their accounts preparers and investment professionals in implementing the investment disclosure requirements in the revised pensions SORP.  The guidance is available to PRAG members and members of the Investment Association on the PRAG website.  Deloitte has published a briefing on this practical guide which is available here.* 

*Update February 2016 -the PRAG has issued additional guidance (link to PRAG website) that should be read alongside the pensions SORP.  This provides additional amendments that are required to the pensions SORP due to amendments to FRS 102.  Most of the amendments to FRS 102 relate to areas that are not relevant to pension schemes or where they are relevant they are already consistent with the content of the SORP.  However two amendments regarding disclosures required where the financial statements depart from FRS 102 and the definition and disclosure for related parties are relevant and are covered in the guidance. The PRAG does not expect these amendments to be significant for pension schemes.  The changes are effective from 1 January 2016 with early adoption permitted from 1 January 2015.* 

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