Accountants Accounting and Reporting Policy UK Accounting Standards Statements of Recommended Practice (SORPs)

Statements of Recommended Practice (SORPs)

Policy on Developing SORPs

SORPs are sector-driven recommendations on financial reporting, auditing practices and actuarial practices for specialised industries, sectors or areas of work, or which supplement FRC standards and other legal and regulatory requirements in the light of special factors prevailing or transactions undertaken in that particular industry, sector or area of work that are not addressed in FRC standards.  SORPs also address matters that are addressed in FRC standards, but about which additional guidance is considered necessary. 

To be recognised as a SORP-making body, a particular industry or sectoral body must meet criteria set by the FRC and must agree to develop and maintain SORPs in accordance with the Policy on developing SORPs.

A SORP must carry a Statement by the FRC confirming, as appropriate, that the SORP does not appear to contain any fundamental points of principle that are unacceptable in the context of current financial reporting practice, auditing practice or actuarial practice, nor does it conflict with an FRC standard or undermine the FRC’s broader objectives.

Policy on Developing Statements of Recommended Practice (SORPs) (January 2021) (PDF)

Industry/Sector SORP-making body SORP


Charity Commission for England and Wales /
Office of the Scottish Charity Regulator /
Charity Commission for Northern Ireland

Charities SORP (FRS 102) (second edition - October 2019) – Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)


Further and Higher Education

Universities UK

Statement of recommended practice: accounting for further and higher education 2019 edition


Registered providers of social housing

National Housing Federation /
Community Housing Cymru /
Scottish Federation of Housing Associations /
Northern Ireland Federation of Housing Associations

Housing SORP: 2018 update – Statement of Recommended Practice for registered social housing providers


Authorised funds

The Investment Association

Statement of Recommended Practice – Financial Statements of UK Authorised Funds (May 2014) - updated in 2017


Investment trust companies and venture capital trusts

The Association of Investment Companies

Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (Issued in April 2021)


Limited liability partnerships


Statement of Recommended Practice Accounting by Limited Liability Partnerships - Effective for periods commencing on or after 1 January 2022 with early adoption permitted


Pension schemes

Pensions Research Accountants Group

Financial Reports of Pension Schemes – A Statement of Recommended Practice (2018)