SORPS issued by the SORP Board apply to further and higher education institutions 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 sector within which such institutions operate. The SORP is intended to

• improve the quality of financial reporting by institutions;
• enhance the relevance and comparability of, and the ability to understand, the information presented in institutions’ financial statements;
• provide clarification, explanation and interpretation of accounting standards and their application to sector-specific transactions; and
• assist those who are responsible for the preparation of financial statements.

The updated SORP reflects the Amendments to FRS 102 – Triennial review 2017 – Incremental improvements and clarifications issued by the Financial Reporting Council in December 2017.

The amended SORP is effective for financial periods beginning on or after 1 January 2019. Early adoption is permitted if the  accounts direction of the relevant regulator permits it.

The revised SORP is available here