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Guidance issued on donations and endowments for higher education institutions implementing the FEHE SORP

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16 Dec 2015

Guidance for higher education institutions in implementing the provisions of the Further and Higher Education Statement of Recommended Practice (FEHE SORP) in respect of donations and endowments has been issued by members of the British Universities Finance Directors Group (BUFDG).

The 2015 FEHE SORP which must be applied by Further Education and Higher Education institutions for accounting periods beginning on or after 1 January 2015, introduces a number of changes from the 2007 version including significant changes to accounting for endowments and donations as a result of the new revenue recognition rules within Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The guidance aims to assist Further Education and Higher Education institutions in applying the 2015 SORP but does not form part of the SORP itself or represent any additional requirement.  It applies to non-exchange transactions in FRS 102.  It does not cover accounting for government grants.

The full document is available on the BUFDG website.

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