29 November 2024 
Joni Rhodes, BUFDG Project Manager
The Financial Reporting Council (FRC) has issued an updated suite of factsheets on aspects of FRS 102. The updated factsheets follow the Periodic Review 2024 amendments to FRS 102 and other FRSs, and provide additional guidance to support stakeholder reporting in accordance with specific aspects of the new requirements.
Development of the 2026 SORP continues at pace; following an iterative review process alongside extensive stakeholder engagement across further and higher education in recent months, an exposure draft has recently been submitted to the FRC for comment along with Model Financial Statements, a consultation plan, and accompanying guidance notes on leases and revenue recognition. It is anticipated that a 12-week public consultation will open in early 2025, pending approval to launch by the FRC. It is expected that the SORP will be published 1 August 2025, in advance of the effective from date of 1 January 2026.
A new publicly accessible knowledge hub has been created for SORP 2026, which will continue to be populated with preparatory resources and project updates in the coming months, and host the consultation.
