Housing SORP 2008

Governance | Kate Sayer | 30 May 2008

The Statement of Recommended Practice (SORP) Accounting by registered social landlords 2008 was approved by the Accounting Standard Board (ASB) on 23 November 2007, and is effective for all accounting periods beginning on or after 1 April 2008. The SORP applies to all social landlords registered in the registers maintained by the regulatory bodies under the relevant legislation except for co-ownership societies. The SORP book is available from the National Housing Federation.

The key changes in the SORP centre on the accounting treatment and disclosure for shared ownership schemes, gifted land used for development, mixed schemes (social housing and outright sales and shared ownership), asset transfer versus acquisition of business, component accounting, related party disclosures, and reserves.

Apart from the related party disclosures and reserves, all the changes apply specifically to social landlords with property portfolio. For more information, download the SORP 2008 Accounting Change plenary presentation at the National Housing Federation website by clicking here

The related party disclosures extends the definition of a related party from tenant board members to employees and councillors of related local councils and to other related public and private organisations.

The SORP 2008 introduces the accounting for restricted and endowment reserves (which are subject to external restrictions) of which the total should be disclosed on the face of the balance sheet and details shown in the notes. It also limits the use of designated reserves for specific purposes and circumstances.

Kate Sayer

Sayer Vincent

www.sayervincent.co.uk

020 7841 6360

Who's Who: Kate Sayer

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