Charities preparing accrued accounts do so in line with 'Accounting & Reporting by Charities: Statement of Recommended Practice' (the Charities SORP 2005).
OSCR and the Charity Commission for England and Wales are authorised by the Accounting Standards Board (ASB) as the SORP-making body. This acts on the recommendations of an expert SORP Committee. You can view the list of members here.
Two new SORPs
There will be two new Statements of Recommended Practice for accounting periods beginning on or after 1 January 2015. One will support the Financial Reporting Standard for Smaller Entities (FRSSE) and one will support the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
You can view the new modular SORPs and order a paid-for hard copy version from the SORP microsite.
To find out about the latest developments, view the agenda and draft minutes from the most recent SORP Committee meeting:
In July 2012 the SORP Committee published new guidance on accounting thresholds for the UK and Republic of Ireland.
Copies of past committee meeting papers are available on request from OSCR.
SORP guidance documents
SORP 2005 (2nd 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.
Information sheet 4: the adoption of FRS 102 by charities reporting under the SORP.
Information sheet 5: how to prepare a strategic report.
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: