SORP 2026 project partner confirmed

06 March 2024      Joni Rhodes, BUFDG Project Manager

We are pleased to announce that KPMG’s Accounting Advisory Services team will provide technical accounting support to BUFDG and the Financial Reporting Group (FRG) on the production and adoption of a new Statement of Recommended Practice for the further and higher education sector (FEHE SORP).

The FRG acts as the technical working party to the UK Further and Higher Education Statement of Recommended Practice Board (FEHE SORP Board), which is led by Universities UK (UUK) with representatives from HE, FE, funding councils, and representatives from institutional groups such as UUK and the Association of Colleges (AoC). 

A new FEHE SORP will be required to reflect the revisions to Financial Reporting Standard (FRS) 102, which the FRC advised is due for release by June 2024 latest in their most recent update. With a resulting effective from date of 1 January 2026, this will mean adoption of the new SORP for the 2026/27 financial year for most. 

A dedicated KPMG team of accounting advisory specialists will work closely with BUFDG Project Manager Joni Rhodes and sector specialist Peter Fielding, who will be supporting the development of the SORP alongside providing secretarial services to the FRG.

As well as an updated IFRS-based SORP 2026 document reflecting the changes to FRS 102 that are being implemented, the following outputs are planned:

  • Updated model financial statements reflecting these changes and to assist the sector in implementation
  • Updated guidance notes on implementation and specific accounting issues (if any) relating to the sector
  • Communications and training materials

A further consideration to developing the new FEHE SORP will be the concurrent development of new SORPs by other public benefit entities, i.e. the Charities SORP and SORP for registered social housing providers. 

Updates will be given throughout the project, as well as opportunities to learn more and get involved. If you have any comments or questions at this time please contact Joni in the first instance.  

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