Charities SORP

Engage briefings to inform the engagement process in developing the next SORP

The SORP-making body and CIPFA have collaborated to prepare a series of briefings to assist the engagement strands and working groups of the Charities SORP Committee review the topics selected. The briefings consider the initial feedback from the engagement process on the topic, the current SORP requirements and the initial proposals for change to inform the discussion.

Publication of the briefings takes place once the engagement strands have fed back their views to the Charities SORP Committee and the SORP Committee has met to consider those views and agree recommendations for changes to the SORP.

Briefings published are:

• SORP Objectives of standard setters
• SORP and tiered reporting
• Reserves
• Summary financial information (key facts summary)
• Presentation of the SoFA
• Notes to the accounts
• Grant accounting
• Accounting for legacies
• Materiality
• Donated goods and services
• Income recognition
• Impact reporting
• Funds note
• Support costs
• Expenditure classification
• Activity analysis
• Sustainability reporting