New SORP-making body targets industry input

News Article - 25 August 2006
Category: Business

A newly-formed committee charged with providing accounting and reporting recommendations for UK charities is aiming to give those in the sector a greater input into its activities.

The new committee, which develops the statement of recommended practice (Sorp) for charities, has been formed by the coming together of the Charity Commission and The Office of the Scottish Charity Regulator (Oscr).

In order to give industry greater representation, the committee is to be restructured. The joint Sorp Committee will be made up of sector finance directors, charity auditors, academics and representatives of UK charity regulators.

Officials behind the move hope it will bring together the diversity of experience that exists across the UK charity sector and accountancy profession.

The Sorp applies to each of the three separate legal jurisdictions of the UK, therefore providing a consistent accounting framework specific to the needs of charities across the whole UK

"Working with Oscr, we want to ensure greater transparency in the appointment process and have decided that that we should advertise for appointments to the new Sorp Committee and also take a more active role in explaining to the sector both the Sorp-making process and the challenging agenda to be faced as we move towards convergence with international financial reporting standards," said Andrew Hind, chief executive of the Charity Commission.

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