Page updated
26 June 2026
FCA has published Handbook amendments to facilitate the application of the 2025 edition of the SORP. The amendments have immediate effect.
SORP for the Financial Statements of Authorised Funds
The Financial Reporting Council (FRC) recognises the IA as a SORP-making body for the purpose of developing and issuing SORPs. This SORP was prepared in accordance with the FRC’s Policy on developing SORPs by an independent SORP Working Party established by the IA.
SORP applicable for periods beginning on or after 1 January 2026
The 2025 edition of the SORP was subjected to public consultation in April 2025.
FCA rules require the application of the 2025 edition of the SORP for interim and annual accounting periods beginning on or after 1 January 2026. Early adoption is available for earlier periods.
Where the 2025 SORP is adopted early for an annual accounting period during which interim accounts were prepared under the previous SORP, it will be necessary to restate the comparatives in the next set of interim accounts.
The 2014 edition of the SORP was subjected to public consultation in July 2013.
The 2017 amendments to the SORP were made in accordance with the shortened administrative procedure set out in the FRC's Policy.
In October 2018 the IA produced a webinar setting out how the IA carries out SORP reviews and the history of the SORP.
