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 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.