What is the role of the Charities SORP?
The SORP provides a comprehensive framework of recommended practice for charity accounting and reporting. It provides a mechanism enabling charities to meet the legal requirement for their accounts to give a true and fair view and provides consistency in the sectors interpretation of accounting standards. The SORP also provides recommendations for annual reporting that are relevant to sector and stakeholders needs and are in line with wider developments in reporting. The requirements of the law and accounting standards exist irrespective of the SORP. The SORPs contribution is to provide a consistent interpretation of these standards and, moreover, one that has been specifically developed for the sector and with sector involvement at each stage of its development.
