The proposed SORP has undergone an extensive development process, and many across the sector have contributed already, for which the FEHE SORP Board is grateful. This exposure draft is issued by the FEHE SORP Board for comment.
Download the FEHE SORP 2026 Exposure Draft
The FEHE SORP Board has identified a number of questions which you are invited to respond to. These set out areas that the SORP Board consider represent the most change from current accounting practice or might be contentious and so are worthy of highlighting, namely leases, revenue, and primary statements.
However, respondents are invited to raise any other points not specifically included in the consultation questions via general comments.
All interested parties including further and higher education institutions, governors and trustees of institutions, sector regulators, accountancy bodies, professional accountancy and audit firms, government and its agencies, those who fund activities undertaken by institutions or providers of finance or services to the further and higher education sectors. The FEHE SORP Board would particularly welcome responses from general users of financial statements, whatever their interest or status.
Partial responses providing views on individual questions are welcome, as well as comprehensive responses to all questions or confirmation of no opinion.
All responses will be published via the BUFDG within 12 weeks of the consultation closing, and records of this consultation will be held securely for no less than six years, and to a maximum of twenty years, in line with FRC policy. Copies of consultation responses will also be hosted alongside SORP 2026 document on the Universities UK at the point of FEHE SORP 2026 publication.
It should be noted that the exposure draft may be modified in the light of comments received before being issued in final form. Following the completion of the public consultation exercise, the Financial Reporting Group will review and make recommendations to the SORP Board, which will consider all responses and agree any recommended revisions before submitting the final SORP 2026 document to the Financial Reporting Council for its consideration. Subject to approval of the Financial Reporting Council, the Board anticipates that a final version of the SORP will be published in August 2025. Any change to this timeline will be communicated widely. The new SORP will be effective from accounting periods starting on or after 1 January 2026.
The data collected through responses to this consultation will be stored and analysed by the F E H E SORP Board and its representatives, including BUFDG which acts as the technical advisory group to the FEHE SORP Board, and KPMG, who are providing Accounting Advisory Services. By submitting a response, you consent to BUFDG, on behalf of the FEHE SORP Board, processing your data for the purposes of influencing the development of the 2026 SORP and adopting key changes from IFRS 102 for use in the UK and Ireland. We will process your personal data in accordance with applicable UK data protection laws.
In line with the Financial Reporting Council’s ‘Policy on Developing Statements of Recommended Practice (SORPs)’ all responses to this consultation will be published via the BUFDG and Universities UK websites, unless the respondent explicitly requests otherwise. Only the name, position, and organisation of the respondent will be published, along with the responses themselves, no contact details will be shared. If you do not wish your response to be published, please email sorp@bufdg.ac.uk at the time of submission. Copies of all consultation responses will be shared with the Financial Reporting Council. All responses to this consultation will be retained securely by the SORP making body for a minimum of six years, and no more than twenty years.
A list of the consultation questions can be found here if you would like to review them in advance of starting your submission.
Final SORP documents will be published in an accessible format in 2025. If you require exposure draft documents in a specific format, or any assistance responding to the consultation, please contact sorp@bufdg.ac.uk.
