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Details of 2013 consultation

In July 2013 the IMA proposed revisions to the Statement of Recommended Practice (SORP) for the financial statements of UK authorised funds.

The proposed changes took account of a number of changes to the regulatory and accounting frameworks within which authorised funds operate. The main changes include:

  • The publication of a new set of UK Financial Reporting Standards
  • The transposition into UK law of the Alternative Investment Fund Managers Directive
  • The amendment of the Financial Services and Markets Act to allow a new type of fund, the authorised contractual scheme.

The IMA also took the opportunity to propose a template for presenting information about performance and charges during the reporting period.

Following a public consultation, a revised SORP was issued in May 2014.