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Charities SORP governance review published

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18 Jun 2019

The Charities SORP Committee Governance Review Panel has published its final report on the future development of charity reporting and accounting.

The report makes several key recommendations on the future development of the Charities Statement of Recommended Practice (SORP):

  • the SORP must be refocused to better address the needs of key users of charity reports and accounts (identified as trustees, donors and proxies who best represent the public and beneficiary interest)
  • simpler reporting requirements for smaller charities should be introduced.  These were identified as the majority of users of the SORP;
  • the SORP Committee should be retained but reformed in terms of size, composition and clarification of the respective roles of the SORP-making body and SORP Committee;
  • it will be necessary to engage more broadly and with a wider variety of stakeholders if the SORP is to continue to be fit for purpose;
  • the sector and charity regulators should collaborate to identify and codify best practice in non-statutory financial reporting; and
  • the SORP-making body, supported by the Financial Reporting Council (or its successor), needs to ensure that the redesigned SORP development process takes effect and sufficient resources should be made available to implement the recommendations.

The SORP-making body will now consider the recommendations made in the report and a response and planned actions are expected to be published in autumn 2019.

A press release and the full report are available on the Charity Commission website.

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