The two new Statements of Recommended Practice (Sorps) that will apply to all charities that prepare accruals accounts for years beginning on or after 1 January 2015, have been published today.

The new Sorps have been written by the Sorp Committee appointed by the Charity Commission and Office of the Scottish Charity Regulator in response to changes in UK accounting standards issued by the Financial Reporting Council in March last year.

The new Sorps were finalised after a public consultation that ran from July to November 2013.  Charities can choose which of the two Sorps they want to follow, depending on their size.

They can be viewed on the new Sorp microsite along with a factsheet to help charities decide which accounting framework to follow.

The new standards aim to help charities be more transparent about how they manage and spend their money, in order to help uphold public trust and confidence in the sector.

Laura Anderson, joint chair of the Sorp Committee and head of enforcement at OSCR, said she hoped the online modular format of the new Sorps would be welcomed by the sector as it will enable users to select only those sections that are relevant to them, “resulting in a more streamlined, user-friendly document”.

She encouraged charity finance personnel to familiarise themselves with the new Sorps in good time to prepare their 2014 accounts.

• The Charity Finance Summit on 7 October contains sessions on the new Sorps.  Click here to find out more and book your place.