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ARTICLE · 14 AUGUST 2013

Charities SORP Consultation

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SORP refers to 'Statement of Recommended Practice: Accounting and Reporting by Charities’, and it sets out certain 'rules' which, if not followed, render the accounts insufficient as to information given or clarity of presentation.

United KingdomCorporate/Commercial Law
Chris Priestley
Chris Priestley
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SORP refers to 'Statement of Recommended Practice: Accounting and Reporting by Charities' (SORP for short). It sets out certain 'rules' which, if not followed, render the accounts insufficient as to information given or clarity of presentation.

Changes to the SORP were once a frequent event, but the last actual change occurred in 2005, and the forthcoming proposed change will only apply with effect from 2015. So, if the current SORP ain't broke, why fix it? This is because of the need to make the SORP compliant with the proposed new accounting framework which has been agreed at an international level, called FRS 102. It is also intended to be compatible with the Financial Reporting Standard for Smaller Entities (FRSSE – pronounced 'frizzy'), which some 90 per cent of charities of a smaller nature are thought to be eligible to use.

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