What authority has a SORP?
SORPs are developed under an Accounting Standards Board (ASB) code of practice and provide authoritative recommendations that enable charities to meet the legal requirement to present a true and fair view in their accounts. Accounting standards require any non-compliance with a relevant SORP to be disclosed in the accounts and this may lead to a qualified audit opinion. In the case of the Charities SORP, for non-company charities, its methods and principles and key disclosures are also underpinned, in England and Wales, by regulations made under the Charities Act 1993.
