The SORP Consultation
The consultation closed in November 2013. The collected responses and analysis are now available below:
In addition to the formal public consultation, there has been extensive engagement with regulators, institutions and audit firms throughout the development of the SORP. In addition a Wiki website has been used to publish proposed SORP content as and when it was developed, enabling further and higher education institutions to review and comment on proposals before they were formally presented to the SORP Board. This engagement has been critical to ensuring that the SORP is a document that is both technically accurate and fit for the education sector. The key areas of consultation have included:
- The Technical Advisory Group reviewing, commenting and approving sections of the SORP as it was developed;
- Focus groups with representation from relevant institutions to develop more complex topics. For example revenue, grants, non exchange transactions and service concession arrangements;
- Creation of a Wiki website enabling further and higher education institutions to review and comment on SORP content as and when it was developed.
- BUFDG FRG IFRS conferences held in May 2012 and June 2013 at which updates on the SORP, impact on the sector and results of pilot conversion studies will be presented;
- Presentations of key changes at sector finance director groups including:
- BUFDG annual conference 2013 (HEIs England, Scotland, Wales and NI)
- Welsh College FD group 2013
- Scottish financial accountants briefing, undertaken by KPMG May 2013
- Northern Ireland FE and HE technical update, to be undertaken by KPMG in July 2013
- England FE college technical updates provided by KPMG in 2013. Update to be provided at the AoC conference by FE representatives.
- Meeting with all audit firms to discuss and receive feedback on the draft SORP
- Meeting with representatives of the Charity SORP Board