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.

Limited Liability Partnerships

The Consultative Committee of Accountancy Bodies (CCAB) issued in March a revised SORP for limited liability partnerships (LLPs). This reflects the major changes to the presentation of members' interests that results from the application of FRS 25 (IAS 32) 'Financial Instruments: Disclosure and Presentation'. In particular, in many cases members' interests are now classified as liabilities, and members' profit shares treated as an expense in the profit and loss account. In addition, any liability for post-retirement payments due to members are to be accrued as the rights to payments accrue.

Copies of the revised SORP are available from the CCAB: www.ccab.org.uk.

Interpretation of the Statement of Principles for Public Benefit Entities

With the Exposure Draft generating a significant number of responses from across the public benefit entity sector, ASB staff remain busy analysing the comments made. There is also a need for further work on liabilities and capital grants which were the two issues attracting most comments from respondents to the Exposure Draft. Whilst this work is expected to involve further discussions with relevant sectors, the Board remains committed to the delivery of this important project.

It is therefore expected that firm proposals on key issues will be presented to both CAPE and the Board over the coming months with a final Statement available for Board approval later in the year.

Appointments

Tony Good stood down from the Board at the end of March 2006. A replacement for Tony is being sought.
Andrew Lennard has been made ASB Director of Research in order to give proper leadership to the Board's research and agenda leadership.
David Loweth has taken on the role of Acting Technical Director until the advertising of the position and appointment to it has been finalised.

Matthew Curtis, Technical Director with Ernst and Young, has been appointed to the UITF.

Duncan Russell, Jenny Carter and Seema Jamil-O'Neill have left the staff of the ASB as Project Directors. Peter Godsall has joined the staff as a Project Director, as has Alan O'Connor, the latter on secondment from the National Audit Office.