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ARTICLE · 07 DECEMBER 2006

RSL Issues - A Briefing For Registered Social Landlords, November 2006

Smith & Williamson
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In this edition of RSL issues, we discuss the potential changes to the 2007 SORP now that the consultation phase has come to an end. We also look at other topical issues, including the benefits that a REIT may offer RSLs.

United KingdomStrategy

In this edition of RSL issues, we discuss the potential changes to the 2007 SORP now that the consultation phase has come to an end. We also look at other topical issues, including the benefits that a REIT may offer RSLs.

2007 SORP – what to expect

Article by Jonathan Pryor and Andrew Bond

The 2007 SORP consultation phase has just ended. Whereas the previous updates in 2002 and 2005 were well received, it is going to be much harder to predict the reaction to this draft.

Our expectation is that significant changes will be made to the phrasing of the 2007 SORP, but not to the actual substance. If this expectation holds, the document is going to have a dramatic impact on the financial position of many RSLs. Given the low levels of surplus reported by the sector, relatively small changes to the accounting treatment will have a dramatic impact on the bottom line.

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