Statements of Recommended Accounting Practice (SORPs) supplement accounting standards and other legal and regulatory requirements to reflect factors prevailing or transactions undertaken in a specialised industry or sector. SORPs are issued by the sectoral body recognised for the purpose by the ASB. The ASB's policy and code of practice for SORPs is available at www.frc.org.uk/asb/technical/sorps.cfm.

There are four SORPS currently used in the public benefit entity sector.

The National Housing Federation and the Welsh and Scottish Federations of Housing Associations are preparing an update to the existing 2002 SORP used by the social housing sector. The main changes being considered reflect new standards issued since FRS 19 and accounting guidance on revised contractual arrangements for providing housing support. It is expected that an exposure draft will be issued in November 2004 with a three month consultation period.

The CIPFA/LASAAC joint committee is also currently preparing an annual update to its existing 2004 SORP used by local authorities. As well as incorporating new standards, additional guidance is being considered to reflect changes arising from the pensions SORP and recent legislative changes. It is expected that an exposure draft will be issued for consultation in November 2004.

Universities UK, on behalf of the further and higher education sector, is currently considering the extent of an update required to its SORP and expects to go out to consultation in 2005.

The Charity Commission has recently completed its consultation on revisions to the 2000 SORP, and in response to comments received it is currently preparing a final draft. The main revisions proposed include changes to the SOFA format and revised guidance on cost allocation and grant making. The final draft is expected to be presented to the Board early in 2005. It is proposed that the revised SORP will take effect for periods beginning 1 March 2005.