In May 2014 the IMA issued a revised Statement of Recommended Practice (SORP) for the financial statements of UK authorised funds. In June 2017 the IA issued amendments to the SORP.
In October 2018 the IA produced a webinar setting out how the IA carries out SORP reviews, the history of the current SORP and thoughts on how it might evolve in future. Participants are invited to contribute to the next SORP review. The webinar can be viewed here:
The Financial Reporting Council (FRC) recognises The Investment Association (previously the IMA) as a SORP-making body for the purpose of developing and issuing SORPs. The SORP was prepared in accordance with the FRC’s Code of Practice on the development of SORPs by an independent working party and subjected to public consultation in 2013. The amendments to the SORP were made in accordance with the shortened administrative procedure set out in the FRC's Code of Practice.
The Financial Conduct Authority’s (FCA) rules require authorised funds to prepare their accounts for periods ending on or after 31 December 2015 in accordance with the 2014 edition of the SORP.
In December 2015 The Investment Association issued additional guidance to supplement the SORP.