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.

Several SORP-making bodies have issued exposure drafts of revisions to their SORPs, updating them to take account of recent developments including the new requirements of FRS 25 (IAS 32) 'Financial Instruments: Disclosure and Presentation' and, where applicable, FRS 26 (IAS 39) 'Financial Instruments: Measurement':

• The Association of British Insurers (ABI) SORP on Insurance Business (which also takes into account the issue of FRS 27 'Life Assurance')
• The Association of Investment Trust Companies (AITC) SORP on Financial Statements of Investment Trust Companies
• The Investment Management Association (IMA) SORP on Financial Statements of Authorised Funds.

The exposure drafts are open for comment for three months from publication, and copies are available from the SORP-setting body (not the ASB). Particulars of all SORP-making bodies can be found on the ASB website at www.frc.org.uk/asb/technical/sorps.cfm.

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

• The Charity Commission published the 2005 SORP for charities in March 2005. Revisions made include changes to the SOFA format and revised guidance on cost allocation and grant making.
• The National Housing Federation and the Welsh and Scottish Federations of Housing Associations recently updated the SORP used by the social housing sector. Following consultation, the main changes reflect new standards issued since FRS 19 and accounting guidance on revised contractual arrangements for providing housing support. The Board issued its statement on 12 May and the National Housing Federation published the 2005 SORP Update at the end of May.
• Following its recent consultation, the CIPFA/LASAAC Joint Committee has prepared the 2005 SORP for use by local authorities. As well as incorporating new standards, other amendments reflect changes arising from the pensions SORP and recent legislative changes. The 2005 SORP was published at the beginning of July.
• Universities UK is currently considering the extent of an update required to its SORP for the further and higher education sector.