Statement of recommended practice
A statement of recommended practice, issued in the UK and Ireland, provides recommendations on financial reporting that supplement official accounting standards. SORPs are developed and issued by industry and sector bodies that must meet criteria set by the Financial Reporting Council. SORPs are developed in accordance with current financial reporting practice and must not conflict with accounting standards or financial reporting objectives.
| Sector | SORP-making body | SORP |
| Charities | Charity Commission, Office of the Scottish Charity Regulator and Charity Commission for Northern Ireland | Charities SORP – Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland |
| Further and Higher Education | Universities UK and British Universities Finance Directors Group | Statement of recommended practice – Accounting for further and higher education |
| Registered providers of social housing | National Housing Federation, Community Housing Cymru, Scottish Federation of Housing Associations and Northern Ireland Federation of Housing Associations | Housing SORP 2014 – Statement of Recommended Practice for registered social housing providers |
| Authorised funds | Investment Association | Statement of Recommended Practice – Financial Statements of UK Authorised Funds – updated in 2017 |
| Investment trust companies and venture capital trusts | Association of Investment Companies | Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts |
| Limited liability partnerships | CCAB | Statement of Recommended Practice –Accounting for Limited Liability Partnerships |
| Pension schemes | Pensions Research Accountants Group | Financial Reports of Pension Schemes – A Statement of Recommended Practice |