PrintAnnual SORP-setting Process
An outline of the annual Statement of Recommended Practice (SORP)-setting process
Stage 1
Each spring, the CIPFA/LASAAC Local Authority SORP Board considers items for development of the SORP, i.e. a year ahead of the year of application of any changes.
Stage 2
CIPFA/LASAAC prepares a draft Invitation to Comment (ITC) and a draft Exposure Draft SORP, which is formally considered and commented on by the Accounting Standards Board’s Committee on Accounting for Public-benefit Entities (CAPE), before being finalised by the Board.
Stage 3
CIPFA/LASAAC issues the Invitation to Comment (ITC) and Exposure Draft SORP as consultation documents to local authorities and other interested organisations, for a 3 month consultation period. Following the closure of the consultation period, the Board analyses responses and agrees the amendments to be made to the consultation Exposure draft SORP. The SORP CIPFA/LASAAC proposes to publish is considered by CIPFA’s Public Finance and Management Board (PFMB), the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) and CAPE. CIPFA/LASAAC considers these comments and finalises the SORP for publication.
Stage 4
The Board publishes the final version of the SORP for use by local authorities.