The new version of the charities Sorp, which governs the way charities draw up their trustees' reports and accounts, is on the agenda for approval at tomorrow's meeting of the Accounting Council.

The FRS 102, the proposed new financial reporting standard for all organisations in the UK and Republic of Ireland, will be published in the next couple weeks.

Ray Jones and Nigel Davies outline the new financial framework that will lead to a fresh Sorp in 2013.

The Charity Commission could develop a trustees guide to using the Statement of Recommended Practice when the new version is introduced in 2015, as part of plans to help charity boards understand financial risk management.