Charities preparing accrued accounts are required to do so in line with Accounting & Reporting by Charities: Statement of Recommended Practice (Charities SORP 2005).
The Charity Commission and OSCR are authorised by the Accounting
Standards Board (ASB) as the SORP-making body and as such take the
responsibility for organising the SORP review, drafting any
revision and undertaking the consultation process. In making
recommendations, the Charity Commission and OSCR are expected to
act on the recommendations of an expert committee - The SORP
committee. The recommendations of the SORP committee are then
tested through extensive consultation before recommendations are
finalised and published.
To find out who is on the Committee, view the list of
members.
The drivers for the development of the SORP are changes in UK
Generally Accepted Accounting Practice and changes to charity and
company law. The SORP Committee will need to consider how
developments in accounting standards, reporting practice and the
law will impact on the development of the SORP and recommend any
changes required. Any changes to the SORP are released for
consultation in accordance with ASB requirements.
To find out about the latest developments view the agenda, draft
minutes and Committee papers from the most recent SORP meeting here.
Copies of past committee meeting papers are available on
request from OSCR.
SORP guidance documents
SORP 2005 (2nd edition,
Click to read the second edition, updated July 2008).
The SORP information sheets provide informal guidance on the
application of the SORP. Their purpose is to assist practitioners
in preparation of financial statements:
Information sheet 1:
technical application process
Information sheet 2:
statement of Principles for financial interpretation for public
benefit entities
Information sheet 3: details
of the additional disclosures and information required by the
Financial Reporting Standard 30: Heritage Assets.
ASB consultation on FRSME
Read OSCR's and the SORP Committee's response to the
consultation.
ASB consultation on FRSPBE
Read OSCR's response and the SORP Committee's response to the
consultation.