The SORP committee have been reviewing recent updates to Financial Reporting Standards and considering whether a new SORP is required.
There has been a consultation and feedback exercise between the SORP committee and the Financial Reporting Council and also between the SORP Committee and users.
Originally there was a suggestion of a new SORP in 2019 but following these consultations, the committee have decided that there are not enough significant changes to merit a new SORP and instead have opted for a second Update Bulletin to make amendments to the existing SORP.
One item which is likely to be included is the removal of the need to disclose support costs separately.
There should be a consultation on the update in Spring 2018.
Updated 25 October 2017
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