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History of the SORP

The Financial Reporting Council (FRC) have been implementing a decade long convergence programme, aligning UK GAAP to IFRS. The adoption of FRS100 and 101, along with the substantive FRS102The Financial Reporting Standard”, represent the final step towards IFRS convergence, applying to unlisted and public benefit entities. These 3 FRSs represent UK GAAP, but a UK GAAP that is IFRS-based.

FRS102 is itself based on the International Accounting Standards Board’s “IFRS for SMEs” but has been adapted for the UK.

The SORP Board have published SORP2015 in PDF format and can be downloaded here - Statement of Recommended Practice 2015 FRC Approved

To find out what is different, read the summary of what's changed.

Read about some of the other issues to consider.

The SORP Board

The development of the SORP has been overseen by the SORP Board, the body recognised by the Financial Reporting Council as the preparer and issuer of the Further and Higher Education SORP. Click to find out more about the SORP Board.

The SORP Development

The SORP Board and its technical advisory group commissioned a number of research documents, and engaged KPMG, to inform the development of the SORP. Click to find out more about the development of the new SORP.

The SORP Consultation

There has been extensive engagement with regulators, institutions and audit firms throughout the development of the SORP, alongside the public consultation. Click to find out more about the consultation process.

SORP 2007

To download a copy of the SORP 2007, visit the Universities UK website.

Download the SORP 2007 Model Financial Statements.