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Statement of recommended practice: accounting for further and higher education

Report

10 March 2016

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This Statement of Recommended Practice (SORP) reflects the changes to UK Generally Accepted Accounting Practice (GAAP) following the issue of FRS 100, 101 and 102 which will be effective for financial years beginning on or after 1 January 2015.

As previously, the SORP combines the requirements of institutions of both further and higher education throughout the United Kingdom, reflecting the collaboration between the key stakeholders – Further and Higher Education funding and regulatory bodies, sector representative bodies, and accounting practitioners – all of whom are represented on the FE / HE SORP Board.

This SORP Board was admirably supported by a technical advisory group drawn from the finance directors of institutions of further and higher education, the funding bodies and by the Financial Reporting Council. The technical group co-opted representatives from a number of professional firms and engaged KPMG as its advisor. Both the technical group and the SORP Board are indebted to Andrew Connolly, the Chief Financial Officer of The University of Exeter and Chair of the technical group, to Clare Partridge of KPMG who has developed the format and content of the SORP for the technical advisory group and SORP Board to consider, and to the secretariat of the British Universities Finance Directors’ Group (BUFDG) for the secretarial and organisational support provided to the technical group and SORP Board.

The annual review of the FEHE Statement of Recommended Practice (SORP) in 2015 resulted in some minor amendments to reflect FRS102 (as at September 2015). These are summarised in the FEHE SORP and the FEHE SORP Guidance Note 2015 (PDF).

Statement of recommended practice: accounting for further and higher education

This Statement of Recommended Practice (SORP) reflects the changes to UK Generally Accepted Accounting Practice (GAAP) following the issue of FRS 100, 101 and 102 which will be effective for financial years beginning on or after 1 January 2015.

The annual review of the FEHE Statement of Recommended Practice (SORP) in 2015 resulted in some minor amendments to reflect FRS102 (as at September 2015). These are summarised in the FEHE SORP and the FEHE SORP Guidance Note 2015 (PDF).

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Statement of recommended practice: accounting for further and higher education

​This Statement of Recommended Practice (SORP) reflects the changes to UK Generally Accepted Accounting Practice (GAAP) following the issue of FRS 100, 101 and 102 which will be effective for financial years beginning on or after 1 January 2015.​​

The annual review of the FEHE Statement of Recommended Practice (SORP) in 2015 resulted in some minor amendments to reflect FRS102 (as at September 2015). These are summarised in the FEHE SORP and the FEHE SORP Guidance Note 2015 (PDF).

Policy and analysis

Response to Labour policy on tuition fees

Universities UK response to Conservative manifesto

International higher education in facts and figures

Election 2017: what the manifestos say on higher education

This Statement of Recommended Practice (SORP) reflects the changes to UK Generally Accepted Accounting Practice (GAAP) following the issue of FRS 100, 101 and 102 which will be effective for financial years beginning on or after 1 January 2015.