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.

Local Authorities

The CIPFA/LASAAC Joint Committee is taking forward its work on revising the 2006 Code of Practice on Local Authority Accounting in the United Kingdom. An Exposure Draft (ED) and Invitation to Comment (ITC) setting out proposed changes is due to be published in November and will set out the Joint Committee's proposals for how local authorities should apply the financial instruments standards FRS 25, FRS 26 and FRS 29.

Registered Social Landlords (RSLs)

The National Housing Federation and Welsh and Scottish Federations of Housing Associations published an ED and ITC in July 2006 setting out proposals for a revised SORP for RSLs.

The ITC provides a helpful overview of the proposed changes and sets out a number of questions for social landlords. The ED and ITC are available via the National Housing Federation's website at www.housing.org. The closing date for comments was 20 October.

Charities

The ASB has approved a proposal for the Charity Commission and the Office of the Scottish Charities Regulator to work together as a joint SORP-making body for the charities sector with a newly-appointed SORP Committee due to hold its first meeting in November.

Further and Higher Education

Universities UK, on behalf of the further and higher education sector, is taking forward a review of the current SORP (dated July 2003). The aim is to publish an ED of an updated SORP around the end of 2006 with a three-month comment period.