Exploring changes to the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities
The SORP-making body wants to ensure that the development of the Charities SORP is well-informed and that all stakeholders with an interest in charities are able to contribute views that support the process. The four regulators have therefore established the Oversight Panel which is seeking views how the current approach can be improved.
The document known as the Charities SORP is at the heart of charity accounting in the UK and Ireland. It sets out the principles and detailed rules which apply to many charities producing their annual report and accounts, especially those charities with an income greater than £250,000. Smaller charities are eligible to use receipts and payments accounts, so they do not have to follow the SORP. But for other charities the SORP matters to anyone who uses charity accounts and the trustees’ reports that go alongside.
The four charity regulators in the UK as the SORP-making body for charities are seeking views on what changes may be needed to the process used to develop the SORP. The SORP oversight panel is looking for suggestions to ensure the SORP best serves the needs of those seeking information about charities as well as the sector itself. It will use the responses, alongside feedback collected from events and discussions, to help it to decide how the SORP is developed in future and what reforms are needed.
A summary of responses will be published no later than 30 April 2019.
Responses are by email or post. Full details are in this consultation document.
Deadline for responses: Monday 4 February 2019