Regulators to launch consultation on new Sorp in July

The Statement of Recommended Practice for charities will be subject to a four-month consultation, says Ray Jones of the Charity Commission

Ray Jones

A four-month consultation into a new charity Statement of Recommended Practice is expected to be launched in July by the Charity Commission and the Office of the Scottish Charity Regulator.

The new Sorp will provide guidance on how charities should interpret FRS 102, an accounting standard released in March by the Financial Reporting Council, which will replace the UK Generally Accepted Accounting Practice as the rules that govern accounting in the UK.

The Sorp has been drawn up by the Sorp Committee, which includes representatives from the commission and the OSCR, sector finance directors, auditors and other accounting experts.

Ray Jones, head of accountancy policy at the Charity Commission and a member of the Sorp Committee, said the Accounting Council, which advises the Financial Reporting Council on accounting standards, last week agreed that the draft Sorp could be released for consultation.

"Our next step is to discuss the very helpful comments and input received from the FRC’s Committee on Accounting for Public Benefit Entities and the FRC’s Accounting Council with our Sorp Committee when we next meet with them in early June," he said.

"We will use that meeting to help finalise our plans for the launch of the consultation, which is targeted for July. 

"We plan a four-month consultation, given that the consultation will run over the summer months."

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