Hundreds attend consultation events and over 160 submit responses
The Charity Commission for England and Wales and The Scottish Charity Regulator, as the SORP making body, have welcomed the sector’s enthusiastic response to its consultation on the draft SORP.
Over 1,600 charity sector representatives took part in the 26 consultation events held by the SORP making body, hosted by or in conjunction with umbrella and professional accountancy bodies and accountancy firms across the UK and Republic of Ireland. The four-month consultation produced more than 160 responses to the Exposure Draft SORP by the closing date of 4 November – the highest ever level of participation to date.
A new charities SORP is needed as part of changes to the UK Generally Accepted Accounting Practice that take effect in 2015.
The responses to each of the 25 questions set out in the Invitation to Comment document, together with any other ideas for improvements and changes, will be carefully considered. The SORP committee will meet on 9 January to review the outcome of the consultation process and make recommendations on any changes to the draft SORP.
The SORP making body welcomed the sector’s participation, confirming the consultation process as robust and generating useful recommendations.
Sam Younger, Joint Chair of the SORP Committee said:
“The experience and expertise of the practitioners and charities who have contributed to the consultation over the last four months has been very valuable. Although we have yet to analyse fully the responses, we have been encouraged that the draft SORP was welcomed by many. Our aim is to have a new SORP that serves the sector, donors and the public well because high quality financial reporting and accounting are essential to maintain public trust and confidence in charities. Thanks to all who have taken part in or responded to the consultation.”
Laura Anderson, Joint Chair of the SORP Committee said:
“The SORP consultation has achieved a fantastic response. We’re delighted with the depth of engagement with the draft SORP shown by the charity sector and professional advisors. At the events, the feedback on the SORP’s new format and content was overwhelmingly positive. Useful ideas were also contributed about improvements or changes that could be made. We’ll look to take these ideas forward to the final draft, together with the views given in the written responses.”
“The timescale is very demanding, but we’ll do our best to reflect the outcome of the consultation in the final SORP”, she added. “On behalf of the SORP making body and SORP Committee, a big thank you to all those who took part in the events or responded to the consultation.”
The final SORP must be submitted to the Financial Reporting Council (FRC) for its review and approval. It is anticipated that FRC approval will be obtained by the end of May 2014 with the SORP published on the SORP micro-site by the end of June 2014. The new SORP will take effect for financial years beginning 1 January 2015.
For further information or any related advice please contact Peter Taaffe