The PSNC has been continuing its work in developing a Statement of Principles for its sectors. This will provide guidance on how the Board’s Statement of Principles for Financial Reporting, which is aimed primarily at profit making organisations, should be interpreted in the PSNC sector. The Board aims to issue a discussion document on this subject next year.

The PSNC has reviewed the updated SORP for registered social landlords, which was published in October. The previous version of the SORP was issued in March 1999 and the update takes up accounting standards issued since that time. In November, the PSNC is due to consider the results of the consultation exercise on an update bulletin to the current Charities SORP.