Statements of Recommended 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.

On 30 September the CCAB issued an exposure draft of its SORP on Limited Liability Partnerships (LLPs). The main changes address the presentation requirements of FRS 25 (IAS 32) 'Disclosure and Presentation'. The exposure draft is open for comment until 31 December.

The comment periods for exposure drafts for revised SORPs from three other SORP-making bodies have now expired. The SORP-setting bodies are now considering the comments received, following which revised SORPs are expected to be issued:

• The Association of British Insurers (ABI) SORP on Insurance Business
• 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

Copies of the exposure drafts are available from the SORP-setting body; contact details can be found on the ASB web-site at www.frc.org.uk/asb/technical/sorps.cfm.

The latest position on the four SORPS currently used in the public benefit entity sector is as follows:

• 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 issued the 2005 SORP Update for the social housing sector in May 2005. The updated SORP reflects new standards issued since FRS 19 and accounting guidance on revised contractual arrangements for providing housing support.
• The CIPFA/LASAAC Joint Committee issued the 2005 SORP for use by local authorities at the beginning of July 2005. As well as incorporating new standards, the SORP was updated to reflect changes arising from the pensions SORP and recent legislative changes. The Joint Committee will consult shortly on a draft 2006 SORP.
• Universities UK is currently considering the extent of an update required to its SORP for the further and higher education sector.