SORP
The latest SORP is now published - it applies for accounting periods beginning on or after August 1st 2007.
Model financial statements are available for download from the Info-Bank - read an introduction to the latest version. They are not designed to be a pro-forma for institutions to merely replicate as they are but need to be individually tailored to each institution, and are for guidance only. The SORP requires careful interpretation by HEIs in order that the financial statements reported appropriately convey circumstances relevant to that institution. Because the model aims to cover many types of circumstance, the model presents a much fuller document than most HEIs will require in practice.
Accounting for Endowments
The report 'Guidance for institutions in implementing the provisions of the SORP 2007 in respect of donations and endowments April 2008' has been written by members of the Financial Reporting group for the benefit of BUFDG members. If you have any queries or would like further explanations, please make a posting to the FRG Discussion Board.
OFR (Operating and Financial Review)
Advice to HEIs when writing an 'OFR' or similar statement to accompany financial statements.
Corporate Governance
Suggested guidance by BUFDG Financial Reporting Group on Corporate Governance and Statement of Responsibilities of the governing body, including internal controls for higher education, August 2006.