Your views on how the SORP can be improved

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Here is your opportunity to influence the future direction of charity reporting and accounting.

The Charity Commission for England and Wales and the Office of the Scottish Charity Regulator, who together are the SORP-making body, are seeking your views on how the SORP can be further improved.

The SORP research exercise launched today focuses on the Charities SORP (FRS 102). This is because the Charities SORP (FRSSE) does not apply for reporting periods (financial years) beginning on or after 1 January 2016. The consultation closes for comment on 11 December 2016. The extended consultation period is intended to allow users of charity reports and accounts and users of the SORP every opportunity to take part and share their views.

Your views are sought on:

  • the SORP’s structure, format and accessibility
  • implementation issues that require improvements to the SORP
  • SORP Committee members’ suggestions for changes to the SORP
  • charity regulator themes for making changes to the SORP
  • your ideas for items to remove, change or add to improve the SORP

The consultation document can be viewed via the dedicated SORP micro-site.

It is anticipated that the Financial Reporting Council (FRC) will review the FRS 102 standard next year. The revised FRS 102 is anticipated to take effect from 2019. Any changes to the FRS 102 standard will in turn require a new SORP. The SORP research will therefore inform the development of the next Exposure Draft of the SORP. The Exposure Draft of the next SORP is likely to be consulted upon in 2018.

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