Accounting for authorised funds is a specialist area that requires expertise and an understanding of the industry. On this page you can access a range of articles, books and online resources providing quick links to Statements of Recommended Practice, guidance and news.
Statements of Recommended Practice
Issuing body
The Investment Management Association (IMA) took over the role of SORP-making body from the Financial Services Authority in November 2002.
Sources for the SORP and associated guidance
Statement of Recommended Practice Financial Statements of Authorised Funds (PDF 271.44kb/37 pages)
SORP issued in October 2010 by the IMA.
Useful links
Authorised investment funds technical release: Protected cell regime for umbrella OEICs in the UK (PDF 598.12kb/2 pages)
Bulletin from Grant Thornton issued in February 2012 following approval of the OEIC Regulations.
Authorised investment funds technical release: What's new in financial reporting for 2011? (PDF 670.63kb/2 pages)
Bulletin produced by Grant Thornton in October 2011 examining the main financial reporting developments for 2011 which affect authorised funds.
Authorised investment funds technical release: A revised Statement of Recommended Practice for the financial statements of Authorised Funds (PDF 579.12kb/2 pages)
Bulletin published in November 2010 by Grant Thornton examining amendments to the SORP.
Archived documents
2008
Statement of Recommended Practice: Financial Statements of Authorised Funds (PDF 188kb/36 pages)
SORP issued in November 2008 by the IMA, to replace the 2006 SORP.
Statement of Recommended Practice: Financial Statements of Authorised Funds
exposure draft (PDF 416kb/37 pages) for a revised SORP, as issued by the IMA on 18 April 2008.
The exposure draft was announced in the press release IMA issues proposals for a revised SORP for authorised funds.
The ICAEW issued a memorandum in response to the exposure draft on 29 July 2008.
2006
Statement of Recommended Practice: Financial Statements of Authorised Funds (PDF 388 kb/74 pages)
SORP published by the IMA on 5 January 2006 to replace the 2003 SORP.
A press release announcing the SORP, entitled IMA unveils updated Statement of Recommended Practice for authorised investment funds, was issued on the same date.
SORP: Interim Reports – a clarification of paragraph 2.8 in the 2006 SORP was given in this bulletin, issued by the IMA on 20 June 2006.
2005
Statement of Recommended Practice: Financial Statements of Authorised Funds (PDF 416kb/76 pages)
Exposure draft for a revised SORP published by the IMA on 1 July 2005.
The publication of the exposure draft was announced in the press release IMA consults on an updated Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds on 1 July 2005 and it sets out the main changes in this revision of the SORP.
2003
The Statement of Recommended Practice for Financial Statements of Authorised Funds was a new combined SORP published by the IMA on 21 November 2003 to replace the Authorised Unit Trust SORP (1997) and OEIC SORP (2000). The press release announcing the SORP, entitled IMA launches its Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds, was issued on the same date.
The press release announcing the release of an exposure draft for the revised SORP, entitled IMA consults on an updated and combined statement of recommended practice (SORP) for authorised funds was issued on 16 May 2003.
2000
Statement of Recommended Practice: Financial Statements of Authorised Open-Ended Investment Companies
The predecessor to the 2003 SORP, issued in November 2000.
1999
Consultation paper 36 (FSA)
Exposure draft, issued December 1999.
Online books, guides and publications
eBooks
The library provides full text access to a selection of key business and reference eBooks from leading publishers.
Fundamentals of Fund Administration: A Guide
Loader, David (Butterworth-Heinemann, 2007)
‘With the growth of hedge funds globally, there are more and more requirements for fund administration services, and the success of the fund administration function is crucial to the success of the funds themselves in a highly competitive market. [This book] helps those responsible for managing and supervising fund administration services by examining the decisions, action and problems at the various stages as well as explaining the products and infrastructure that services support.’
You will need to be logged-in to the website to read these eBooks.
Online articles
The library provides access to a range of articles in full text from leading business, finance and management journals.
You will need to be logged-in to the website to gain full access to the range of articles available online.
Articles and books in the Library collection
To find out how you can borrow books from the Library please see our guide to book loans.
You can obtain copies of articles or extracts of books and reports by post, fax or email through our document delivery service.
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