Charities SORP

Application guidance for charity accounting

Charities SORP FRS 102 (Third Edition) – project update

On 29 September 2023, the Financial Reporting Council (FRC) published a project update on its periodic review of FRS 102.

The FRC published an Exposure Draft (FRED 82) in December 2022, proposing significant amendments to FRS 102 that would be effective for periods commencing on or after 1 January 2025. Based on this date, it was expected that the new Charities SORP would be published in August 2024.

However, the FRC project update stated that the FRC currently expect to issue the final amendments to FRS 102 in the first half of 2024, with an effective date not before 1 January 2026. For this reason, the SORP-making body are re-considering the timeline for the publication of the new SORP.

Although drafting of the new SORP is well under way, it cannot be finalised until after the FRS102 amendments are issued. The new SORP will also be subject to a 3-month consultation period so consequently the proposed publication date of August 2024 cannot be met. Once the final version of FRS102 has been published, the SORP-making body will be in a better position to estimate when the new SORP can be finalised and a further update will be provided.

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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To see if a SORP applies to your charity, answer the following question:

Does your charity prepare accounts on an accrual basis?