In May, the Investment Management Association (IMA), the new SORP making body for authorised funds (unit trusts and open ended investment companies (OEICs)), issued a draft SORP for comment by 18 August.

The comment period on the draft SORP of the Association of British Insurers (ABI) has closed and it is now considering the issues raised and developing a final SORP.

The Pension Research Accountants Group (PRAG) has been consulting on how to reflect the liabilities for pensions payable in the future in pension scheme accounts and the comment period has recently concluded. The comments received are now being considered with a view to identifying the possibilities for more informative reporting.

The comment period for the exposure draft of a revised SORP for Further and Higher Education Institutions closed on 13 March. Since then the SORP Board has considered the comments received and it is hoped that the SORP will be finalised shortly.

The comment period for the exposure draft of the CIPFA/LASAAC Joint Committee's SORP 2003 for local authorities closed on 29 January, and since then the Joint Committee has been considering the comments received and finalising its SORP. At the end of May the ASB agreed to give a statement on the SORP 2003 and it is expected to be published shortly.