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ARTICLE · 31 MARCH 2010

Changes In Acquisition Accounting In The New SORP

Smith & Williamson
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How will the changes in the new SORP affect the way RPs treat acquisitions?

United KingdomReal Estate and Construction
Emma Brett
Emma Brett

Changes In Acquisition Accounting In The New SORP

How will the changes in the new SORP affect the way RPs treat acquisitions?

With all the talk of component accounting it may surprise you that there are some other changes afoot in the new statement of recommended practice (SORP) which could be of significance to some associations. One such change that has not been as well publicised to date is in relation to the treatment of acquisitions.

When an acquisition is made the recognised assets and liabilities of the acquired association are measured at fair value at the date of acquisition. For instance, housing properties will normally be recognised at existing use value for social housing.

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