Home > Policy and analysis > Reports > Statement of recommended practice: accounting for further and higher education

Statement of recommended practice: accounting for further and higher education

Report
10 March 2016

Statement of recommended practice 2016This 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).

Comment on IFS research on student loan interest rates and reintroducing maintenance grants

17 November 2017
Response to the new analysis from the IFS looking at options for reducing the interest rate on student loans and reintroducing maintenance grants in England.

Employers propose reforms to ensure USS pension scheme remains sustainable and attractive to members

17 November 2017
Higher education employers are proposing changes to the USS pension scheme to address the scheme's deficit and the significant rise in the cost of future pensions.

Freedom of speech and the Office for Students

16 November 2017
UUK's William Hammonds discusses proposals on freedom of speech in the OfS consultation and the implications for universities.

Safeguarding students and changing the culture

15 November 2017
UUK's Fiona Waye outlines key discussions from UUK's conference on tackling violence against women, harassment and hate crime affecting students.