This section of the BUFDG website relates to the Statement of Recommended Practice for Further and Higher Education (SORP), based on the financial reporting standard 102.
Statements of Recommended Practice (SORPs) set out current best accounting practice for specialised industries or sectors. The Further and Higher Education SORP combines the requirements of institutions of both further and higher education in the UK.
The most recent SORP is effective for financial periods beginning on or after 1st January 2019, and is based on the 2018 FRS 102 standard. Expand the section below to access the current SORP and accompanying resources.
Download the 2019 SORP from the Universities UK website
View Model Financial Statements - Jul 22- there are no updates to the MFS for this year, the 2021/22 updates remain valid for 2023/24.
Service Concession Arrangements guidance
Donations and Endowments guidance
Revenue, Gov't Grants and non-exchange transactions guidance
As part of the development of each SORP, BUFDG hosts workshops to help institutions understand the changes. View the slides from the 2019 workshops
In March 2024, the FRC issued amendments to FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs. The amendments are designed to enhance the quality of UK financial reporting, and are accompanied by an impact assessment setting out the expected benefits and costs. The FRC's release begins the development of the new Statement of Recommended Practice for Further & Higher Education (FEHE SORP). Members of BUFDG's Financial Reporting Group have formed a Technical Working Group, and are being supported by KPMG’s Accounting Advisory Services team to coordinate the development of the new SORP, which will have an effective from date of 1 January 2026 and mean adoption for the 2026/27 financial year for most.
The FEHE SORP reflects the collaboration between further and higher education and regulatory bodies, sector representative bodies, and accounting practitioners. These key stakeholders are represented on the FEHE SORP Board, which is the SORP-making body recognised by the FRC for the purpose of producing the SORP. SORP-making bodies have a responsibility to act in the public interest when developing, maintaining and issuing SORPs. Through the Technical Working Group, BUFDG acts as the technical advisory group to the SORP Board, and is leading this work. If you would like to know more about the SORP 2026 project please do get in touch.
Expand the section below to view the project timeline.
All dates subject to change
The Financial Reporting Council 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.
View the factsheets here
The Financial Reporting Group (FRG) together with the audit firms delivered their annual Financial Statements workshop in May 2024, which covered updates, best practice from the Financial Statement reviews, and an update from KPMG on how to prepare for the new SORP.
There are no events planned at the moment.
