New SORPs apply for financial years starting after 1 January 2015. If preparing accounts for earlier periods, use SORP 2005. SORP 2005 applied for charities preparing accruals accounts between 1 Apr 2005 and 31 December 2014. For later accounting periods refer to the links to new SORPs.
New SORPs take effect for reporting periods (financial years) beginning on or after 1 January 2015. You can download these SORPs free from a dedicated micro-site: www.charitysorp.org.
Due to changes in UK accounting standards, for financial periods beginning on or after 1 January 2015 only, there is a choice between using one of the 2 new SORPs.
About the Charities SORP
The charities’ statement of recommended practice (SORP) gives a framework for accounting and reporting, designed to:
- help charity trustees meet their legal requirement for their accounts to give a true and fair view
- encourage consistency in charity accounting standards
- give recommendations for charity annual reporting
Who can use the SORP 2005
The Charities SORP applies to charities generally in the UK unless a more specific SORP applies, for example:
For reporting periods (financial years) that start prior to 1 January 2015, the 2005 SORP is used.
This SORP 2005 is for financial periods beginning between 1 April 2005 and 31 December 2014 only.