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Accounting for the banking sector

Accounting for the banking sector 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.

What's on this page?

  • Statements of Recommended Practice
  • Useful links
  • Online articles
  • Books and articles from the library

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Statements of Recommended Practice

Issuing body

Statements of Recommended Practice (SORPs) related to banking were issued by the BBA (now represented by UK Finance) and the Irish Banking Federation (now known as the Banking and Payments Federation Ireland).

Sources for the SORP and associated guidance

In January 2006 the BBA published A technical note on the status of the BBA's Statements of Recommended Accounting Practice (SORPs). The note states that ‘in essence, the BBA has concluded that for banks following International Financial Reporting Statements its SORPs have been superseded’.

On 31 December 2006 the other four SORPs issued by the BBA – Advances, Contingent liabilities and commitments, Derivatives and Securities – were withdrawn.

The BBA SORP on segmental reporting remains in place for non-listed entities.

BBA Statements of Recommended Accounting Practice (SORPS)
Full text of the SORP available from the BBA published in January 2006.

Useful links

Archived documents

SORPs withdrawn in 2006

On 31 December 2006 the following SORPs were withdrawn:

  • Contingent liabilities and commitments (1996)
  • Derivatives (2001)
  • Securities (1990)
  • Advances (1997)

Review of the banking SORPs (2001)

The BBA reviewed the banking SORPs in 2001 and concluded that, at the time, revisions were only required to the derivatives SORP. The exposure draft was published on 22 May 2001 alongside an amended version of the SORP, which can be accessed at SORP on derivatives. The amended version shows the SORP as it would look under changes proposed by the exposure draft but is not the final published SORP.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

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 supply service.

Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com.

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