Statements of Recommended Practice (SORPs)

Published: 18 September 2023

2 minute read

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.

Name Policy on Developing Statements of Recommended Practice (SORPs) (January 2021)
Publication date 1 January 2021
Type Policy
Format PDF, 497.4 KB

Industry/Sector and SORP-making bodies


Further and Higher Education

SORP-making body

Further information is available from Universities UK


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

Registered providers of social housing

Authorised funds

Investment trust companies and venture capital trusts

Limited liability partnerships

Pension schemes