Charities SORP

Application guidance for charity accounting

Charities SORP FRS 102 (Third Edition) – project update

On 27 March 2024, the Financial Reporting Council (FRC) published the periodic review of FRS 102.

The Periodic Review 2024 was completed in March 2024, following the FRC’s consultation. The principal effective date of the periodic review is 1 January 2026.

What this means for the SORP?

Project update 3 December 2024

The SORP-making body are currently finalising the drafting of the next version of the SORP. As part of the SORP development process, the SORP-making body receives input from its advisory SORP Committee and the FRC. The draft SORP will be subject to a 12-week public consultation.

The FRC must approve the revised SORP draft prior to the public consultation in accordance with the FRC policy on developing SORPs. The SORP-making body intends to submit the draft SORP to the FRC in January 2025 for approval, with the consultation anticipated to go live March 2025.

Please see attached ( Word / PDF) that provides further detail on the project timeline and highlights some of the key changes in FRS 102 that charities need to be aware of and consider.

Further updates will be provided in due course.

Charities SORP Committee minutes and papers'

The Charities SORP Committee minutes and papers subsequent to 12 March 2020 are relevant to the development and drafting of the next Charities SORP. Charities should not treat this advice as being definitive for the production of the Charities SORP FRS 102 (Third Edition) which will be subject to due process including a detailed consultation.

See the Charities SORP Committee minutes and papers

SORP Aims and Principles and Committee pages updated

The SORP-making body has updated the Aims and Principles that will guide the drafting of the next SORP and Committee meetings have been updated to December 2021.

View the SORP Committee page for details

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