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Charity sector give feedback on draft SORP proposals

5th November 2013

At the end of a four-month consultation process the Charity Commission for England and Wales and The Scottish Charity Regulator (OSCR) has had a record number of responses to the Exposure Draft SORP by the closing date of 4^th November 2013.

In excess of 1,600 representatives from the 3^rd sector took part in a network of consultation events throughout the UK and Republic of Ireland hosted by a number of umbrella organizations and accountancy firms on behalf of the SORP making body. This consultation on changes to SORP is in advance of the changes to the UK Generally Accepted Accounting Practices due to take effect in 2015.

The SORP committee will review the response to each of the 25 questions, along with any other feedback they received, at their next meeting at the start of the New Year. Careful consideration will be given to suggestions and recommendations from the 3^rd sector prior to any amends being made to the draft SORP.

Once the draft SORP has been finalised it will be submitted to the Financial Report Council (FRC) for further review prior to approval. The whole process is expected to be complete by May 2014, including the approval of the FRC. The new SORP will be published by the end June 2014 on the SORP micro-site, ready to take effect for the financial years beginning 1 January 2015.

(source: Charity Commission 4^th Nov 13)

More information is available from: www.charitysorp.org

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