03 October 2018 
Karel Thomas, Executive Director
The 2019 Statement of Recommended Practice (SORP) has been published on the UniversitiesUK website today. You can also download it from the BUFDG website. The updated version reflects the Amendments to FRS 102 – Triennial review 2017 – Incremental improvements and clarifications issued by the Financial Reporting Council in December 2017. It will be effective for financial periods beginning on or after 1 January 2019.
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. Many of the SORP Board members are also members of the BUFDG FRG, which advises the SORP Board.
Institutions in England regulated by the OfS, may wish to remind themselves of paragraph 8(a) of the recently issued Accounts Direction. The provisions in the Regulatory Framework which apply after the transition period state "Within the requirements of FRS102, a provider should use the accounting rules most appropriate to its circumstances and should discuss with its auditor whether it is appropriate to follow the FEHE SORP. It is not a requirement of the OfS that it should do so."
The BUFDG FRG will next meet at the end of October and will be issuing further updates and a newsletter which will be published on the BUFDG website. Please update your preferences to make sure that you receive alerts of new information, details of relevant events and discussions.
