SORPS and New UK GAAP
Background
SORPs exist for a range of specific entities and industries. More detail is given below. If a type of entity falls within the scope of a SORP, its financial statements should be prepared in accordance with FRS 102 and that SORP.
Current status of the project
The latest SORPS and their effective dates are detailed in the table below.
| Name | Latest version | Effective date (reporting periods beginning on or after) | |
|---|---|---|---|
| Accounting and reporting by charities FRS 102 | 2019 | 1 January 2019 | |
| Accounting for further and higher education * | 2019 | 1 January 2019 and * | |
| Accounting by Limited Liability Partnerships (LLPs) | 2024 | 1 July 2024 | |
| Accounting by Social Housing providers ** | 2018 | 1 January 2019 and *** | |
| Financial reports of pension schemes | 2018 | 1 January 2019 | |
| Financial statements of authorised funds *** | 2014 | 1 January 2015 | |
| Financial statements of investment trust companies and venture capital trusts | 2022 | 1 January 2022 | |
* In July 2021, the FE HE SORP Board published FE / HE SORP Guidance Note 2021 to reflect the Amendments to UK and Republic of Ireland accounting standards - UK exit from the European Union issued by the Financial Reporting Council in December 2020. The guidance updates the 2019 edition of the SORP for the December 2020 amendments. The amendments made to the 2019 SORP by the guidance are applicable for accounting periods beginning on or after 1 January 2021. Early application is permitted as set out in paragraph 1.32 of FRS 102. For accounting periods beginning on or after 1 January 2021, the 2019 SORP must be read in conjunction with this guidance.
** In January 2022, the National Housing Federation issued Housing SORP Guidance Note 22 to update the 2018 SORP to reflect the amendments made to FRS102 for changes in UK company law following the UK's exit from the European Union. The amendments made to the 2018 SORP by the guidance are applicable for accounting periods beginning on or after 1 January 2021. For accounting periods beginning on or after 1 January 2021, the 2018 SORP must be read in conjunction with this guidance.
*** The May 2014 SORP was updated in June 2017. n 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.
