Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is a SORP?

April 26, 2017sorp

0

Posted

What is a SORP?

1 Answer

0

Posted

A SORP is a Statement of Recommended Practice. SORPs provide recommendations for accounting and reporting, in particular, how accounting standards should be applied in the context of particular sectors and how to account for sector specific transactions. SORPs aim to provide consistency of accounting treatment within a particular sector. The Charities SORP applies to charities generally in the UK unless a more specific SORP applies such as for the Further and Higher Education sector or Registered Social Landlords.