Statements of Recommended Practice (SORPs)


Statements of Recommended Practice (SORPs) are sector-driven recommendations on financial reporting, auditing and actuarial practices for specialised industries or work, or which supplement FRC standards and other legal and regulatory requirements in the light of special factors prevailing or transactions undertaken in that particular industry, sector or area of work that are not addressed in FRC standards. SORPs also address matters that are addressed in FRC standards, but about which additional guidance is considered necessary. SORP-making bodies must meet criteria set by the Financial Reporting Council (FRC) and must agree to develop SORPs in accordance with the Policy on developing SORPs