More To SORP 2008 Than You Might Think

SORP 2008 includes several updates and requirements which will need to be carefully considered when compiling your 2009 accounts.

There has been much coverage of the headline grabbing aspects of SORP 2008 – accounting for shared ownership and mixed tenure developments. It is important to remember that a raft of other minor updates and disclosure requirements arise from the new SORP and will appear for the first time in many sets of accounts to 31 March 2009.

Furthermore, in making a prior year adjustment in respect of changes in accounting for shared ownership schemes, more pages of the statutory accounts are affected than you might first think. We discuss these, and provide advice on the necessary actions.