The Chartered Institute of Public Finance and Accountancy, CIPFA, will continue to provide secretariat support for the Charities Statement of Recommended Practice (SORP), working in partnership with the SORP-making body.
The organisation will also provide support for the drafting of the statement’s future updates for at least another three years. The Charities SORP is the set of rules which governs charity accounting for charitable companies and larger charities (charities with an income over £250,000).
Representatives from the three charity regulators in the UK make up the SORP-making body that develops this charity accounting framework. CIPFA has been providing this service since 2014 with an initial three year contract extended for a further year whilst the contract was retendered.
Don Peebles, head of policy and technical, CIPFA, said: “This renewed partnership provides an opportunity for CIPFA to use its expertise in providing advice and guidance on accounting best practice in the charity sector. We look forward to continuing to support the development of the next version of the SORP, as well as other changes on the horizon for the newly extended SORP-making body.”