Final version of the new SORP to be available from June 2015

The consultation on the draft new SORP has closed with 176 written responses received and 26 consultation events held. The feedback will be considered by the SORP Committee in early 2014 and amendments to the draft made. The revised draft SORP will be submitted to the Financial Reporting Committee in March 2014 for formal approval in May 2014 and the new SORP should become available in electronic form from June 2014. The new SORP will take effect for accounting years starting 1 January 2015.

IBB Solicitors’ specialist Charities team has a wealth of experience in delivering practical commercial advice to charities and not-for-profit organisations and those who work with them. For advice, contact a charity solicitor on 01895 207809 or email charities@ibblaw.co.uk.