The Charity Commission has stated that it expects the new Sorp to be published by the end of June 2014, with it taking effect in 2015.
The Sorp-making body has said the consultation on the new Sorp, which came to a close on 4 November, had the highest participation to date of any Sorp consultation. Over 1,600 charity sector representatives took part in the 26 consultation events held by the body.
Sam Younger, joint chair of the Sorp committee and chief executive of the Charity Commission, said: "The experience and expertise of the practitioners and charities who have contributed to the consultation over the last four months has been very valuable. Although we have yet to analyse fully the responses, we have been encouraged that the draft Sorp was welcomed by many.
“Our aim is to have a new Sorp that serves the sector, donors and the public well because high quality financial reporting and accounting are essential to maintain public trust and confidence in charities.”
The four-month consultation held by the Sorp-making body, which comprises the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator, also produced more than 160 responses to the Exposure Draft Sorp.
Charity representatives responded to 25 questions detailed in the Invitation to Comment document.
Among the responses, the shadow Sorp committee set up by BDO partner Don Bawtree said the document was too long and complex and yet not detailed enough on several important issues.
The Directory of Social Change recommended to the committee that grantmaking trusts should be required to provide details in their accounts and annual reports of all grants they have made.
And Charity Finance Group opposed proposals that charities should be required to disclose the job title and salary of the highest earner within their accounts.
Laura Anderson, joint chair of the Sorp committee and head of enforcement at the OSCR, said: “We're delighted with the depth of engagement with the draft Sorp shown by the charity sector and professional advisers.
“At the events, the feedback on the Sorp's new format and content was overwhelmingly positive. Useful ideas were also contributed about improvements or changes that could be made. We'll look to take these ideas forward to the final draft, together with the views given in the written responses."
A new charities Sorp is needed as part of the changes to the UK Generally Accepted Accounting Practice that take effect in 2015. These changes will mean the current Sorp, Sorp 2005, will become outdated.
It is anticipated that compulsory approval from the Financial Reporting Council will be obtained by the end of May 2014. The new Sorp will then be published on the Sorp microsite by the end of June.
