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.

Pension Scheme Accounts

The Pensions Research Accountants Group (PRAG) issued an exposure draft of a revision to their SORP on pension scheme accounts for comment by 21 March and is currently analysing comments received.

Local Authorities

The comment period for the exposure draft of the 2007 Local Authority SORP closed on 14 February 2007. The draft SORP includes proposals for applying the financial instruments standards (FRS 25, FRS 26 and FRS 29) to all local authorities.

The CIPFA/LASAAC Joint Committee is currently considering the comments raised by over 100 respondents to the exposure draft with a view to submitting a final draft of the 2007 SORP for ASB approval in June 2007.

Charities

With the next update of the Charities SORP expected for 2009, the new Charities SORP Committee is taking forward work that may result in an Information Sheet for SORP 2005 that will clarify interpretational issues such as accounting for grants, the allocation of bank interest and other finance costs; and the relevance of the business review. The Information Sheet is not intended to amend SORP 2005 and therefore does not require consultation or ASB endorsement.

Registered Social Landlords

Following consultation on an exposure draft for an update to the RSL SORP, the RSL SORP Working Party is considering whether to issue a further invitation to comment on the proposed accounting requirements for shared ownership sales and mixed tenure development. A further consultation, which would allow a three month comment period, would delay publication of the SORP update until the end of 2007.

Higher and Further Education

The comment period for the exposure draft for an update to the HEFE SORP closed on 13 April 2007. The exposure draft aims to provide enhanced guidance in key areas such as income recognition and retirement benefits. It also brings the SORP up to date in terms of considering accounting standards that have been issued since the current SORP was published in July 2003.

The Universities UK SORP Board is currently considering responses to the exposure draft with a view to an updated SORP being published in July 2007.