Charities SORP

Governance review of the SORP process

The governance review is being undertaken by an Oversight Panel comprising an observer representative nominated by the FRC and a representative from each of the four charity regulators. The work of the panel is overseen by Dr Gareth Morgan, an independent Chair retained by the SORP-making body.

The purpose of the governance review is:

• to gain assurance that the SORP-making process commands confidence and addresses the transparency and public confidence challenges facing charities
• to assure the Financial Reporting Council (FRC) that any revised arrangements adhere to the FRC Policy on developing SORPs

The charity regulators have identified that as a minimum the governance review shall consider the following matters:

• the composition of the advisory SORP Committee
• identification of, and engagement with, key stakeholders in the SORP development process
• the extent to which the views of key stakeholders have been recognised in the process
• potential of changes to membership of the SORP Committee should the FRC agree the remit of the SORP to make recommendations covering non-statutory financial reporting by charities

See published terms of reference.

A consultation on the process for developing the SORP was opened on Monday 26 November and closes at 12 noon on Monday 4 February 2019. To learn more please see Consultation on the process for developing the SORP.

The Oversight Panel first met on 10 September 2018. The Panel decided that the best way to seek stakeholders' views on the SORP process is to have a public consultation. The Panel subsequently met on next 30 October in Dublin. Two more meetings are scheduled to conclude the work of the Panel. These are on 6 March in Edinburgh and 24 April in Belfast.