03 April 2020 - Article
The Statement of Recommended Practice for charities (‘SORP’) is developed by the Charity Commission and the Office of the Scottish Charity Regulator (‘OSCR’) in collaboration with the SORP Committee, and provides a comprehensive framework for charity accounting and reporting. The SORP Committee has developed a new draft SORP, which was approved for release in May 2013 and is to be issued for public comment for four months from July 2013.
The draft SORP provides guidance to charities on how to interpret and apply the new Financial Reporting Standard 102, which was released in March 2013 by the Financial Reporting Council and will replace the UK Generally Accepted Accounting Practice.
The SORP Committee will be meeting with the Financial Reporting Council in June in order to finalise its plans for the launch of the SORP consultation in July.
It is hoped that the Charity Commission will develop a ‘user-friendly’ guide to the new SORP for charity trustees.