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) has recently issued a revised version of its SORP on pension scheme accounts. This revision takes account some of the main requirements of FRS 26 (IAS 39) 'Financial Instruments: Recognition and Measurement' and related standards, together with changes to reflect the new regulatory structure for pension schemes.

Local Authorities

The 2007 Local Authority SORP has been issued by the CIPFA/LASAAC Joint Committee. The revised SORP includes provisions for applying the financial instruments standards (FRS 25, FRS 26 and FRS 29) to all local authorities. It also includes provisions for accounting for soft loans, ie loans advanced at a below market rate of interest. The Joint Committee is now taking forward work on the 2008 SORP and the need to provide IFRS-based information for consolidation as part of Whole of Government Accounts for 2008-09.

Registered Social Landlords

Following consultation on an exposure draft for an update to the RSL SORP, the RSL SORP Working Party has issued a further invitation to comment on the proposed accounting requirements for shared ownership sales and mixed tenure development. The comment period closes on 28 August.

Higher and Further Education

Universities UK is issuing in July a revised HEFE SORP, which provides enhanced guidance in key areas such as income recognition and retirement benefits. It also brings the SORP up to date reflecting accounting standards that have been issued since the current SORP was published in July 2003. The SORP applies to accounting periods beginning on or after 1 August 2007.

People

Roger Marshall, a Partner with PricewaterhouseCoopers, is stepping down as a member of the Board, having served two full three-year terms. Roger's place is being taken by Andy Simmonds, a Partner with Deloitte. A replacement for Andy is being sought for the Urgent Issues Task Force. A second new member on the Board is Nick Anderson, Head of Equity Research with Insight Investment, as a replacement for Peter Westlake, following Peter's appointment to a new role with Nestlé SA.

Simon Billingsley has left the staff of the ASB as a Project Director. In an internal reorganisation, Simon Peerless is taking over the role of Board Secretary from David Loweth.