Statements of Recommended Practice (SORPs)
Issuing body
The Investment Association (previously known as the Investment Management Association) took over the role of SORP-making body from the Financial Services Authority in November 2002.
Sources for the SORP and associated guidance
Amendments to the Statement of Recommended Practice: Financial Statements of UK Authorised Funds
Amendments issued in June 2017 by the Investment Association to reflect changes to FRS 102.
Statement of Recommended Practice: Financial Statements of UK Authorised Funds
Revised SORP originally issued in May 2014 by the IMA.
Statement of Recommended Practice: Financial Statements of UK Authorised Funds – Additional Guidance
Guidance originally issued by the IMA in December 2015 to supplement the SORP.
Exposure draft
SORP 2025 Consultation
Proposed amendments published in April 2025 to the Statement of Recommended Practice (SORP) for the Financial Statements of Authorised Funds.
Useful links
Guidelines: Statement of Recommended Practice (SORP)
Information from the Investment Association with links to previous consultations, webinars, amendments and guidance.
Archived documents
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2013
Public consultation on SORP
The IMA published an exposure draft of the revised SORP on financial statements of authorised funds in July 2013. This summary outlines the main changes and links to the SORP document. The consultation ended on 31 October 2013. -
2010
Statement of Recommended Practice: Financial Statements of Authorised Funds
SORP issued by the IMA in October 2010 which superseded the previous SORP.Statement of Recommended Practice: Financial statements of authorised funds
Exposure draft for a revised SORP, issued by the IMA in 2010. -
2008
Statement of Recommended Practice: Financial Statements of Authorised Funds
SORP issued in November 2008 by the IMA, to replace the 2006 SORP.Statement of Recommended Practice: Financial Statements of Authorised Funds
Exposure draft for a revised SORP, as issued by the IMA on 18 April 2008. -
2006
Statement of Recommended Practice: Financial Statements of Authorised Funds
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.
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2005
Statement of Recommended Practice: Financial Statements of Authorised Funds
Exposure draft for a revised SORP published by the IMA on 1 July 2005. -
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.
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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.
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