Background
The FRC has been working with SORP-making bodies in updating their SORPS to reflect the requirements of FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
Current status of the project
The following SORPS have been updated for FRS 102 and have been issued by their respective SORP-making body:
* In February 2016 the Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) published an ‘Update Bulletin’ which amends the Charities SORP (FRS 102) as a result of changes to UK Accounting Standards which are effective for accounting periods beginning on or after 1 January 2016. The amendments are effective for accounting periods beginning on or after 1 January 2016 with earlier application permitted for accounting periods beginning on or after 1 January 2015 if not prohibited by regulations, charity or company law. Should the amendments be adopted early, then the Update Bulletin is clear that all of the amendments must be adopted together in the charity’s trustees’ annual report and accounts. The amendments also confirm that the Charities SORP (FRSSE) will be withdrawn for such accounting periods and, from 1 January 2016 all charities will be required to follow the Charities SORP (FRS 102).
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In May 2016 the Charity Commission and the OSCR began a consultation exercise to seek views on how the Charities SORP FRS 102 can be improved.
$ In February 2018 the Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) issued a joint consultation on proposed amendments to the Charities Statement of Recommended Practice (FRS 102) (‘Charities SORP FRS 102) following amendments to UK accounting standards in December 2017 which formed part of the 2017 Triennial review of the standard by the Financial Reporting Council (FRC). The consultation closed on 4 April 2018.
^ In November 2018 the Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) published a further ‘Update Bulletin’ which amends the Charities SORP (FRS 102) as a result of amendments to UK accounting standards in December 2017 which formed part of the 2017 Triennial review of the standard by the Financial Reporting Council (FRC).
% - In December 2021, the Consultative Committee of Accountancy Bodies (CCAB) published a revised LLP SORP effective for accounting periods beginning on or after 1 January 2022. The above SORP is still relevant until that point of adoption. In August 2023, the CCAB published an updated draft of its Limited Liability Partnerships (LLPs) SORP. Comments are requested by 27 October 2023.
# In September 2018 the Further and Higher Education SORP Board (the SORP Board) published a revised Statement of Recommended Practice (SORP) setting out proposals for accounting for further and higher education institutions in the UK. 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 above SORP is still relevant until that point of adoption.
***In October 2018 the National Housing Federation published a revised Standard of Recommended Practice (SORP) to reflect FRS 102 amendments. The updated SORP will be effective for periods beginning on or after 1 January 2019. Early adoption is permitted provided all aspects are adopted.
In
October 2018 the National Housing Federation published a revised Standard of Recommended Practice (SORP) to reflect FRS 102 amendments. The updated SORP will be effective for periods beginning on or after 1 January 2019. Early adoption is permitted provided all aspects are adopted.
In
October 2018 the National Housing Federation published a revised Standard of Recommended Practice (SORP) to reflect FRS 102 amendments. The updated SORP will be effective for periods beginning on or after 1 January 2019. Early adoption is permitted provided all aspects are adopted.
In
October 2018 the National Housing Federation published a revised Standard of Recommended Practice (SORP) to reflect FRS 102 amendments. The updated SORP will be effective for periods beginning on or after 1 January 2019. Early adoption is permitted provided all aspects are adopted.
