This autumn sees a flurry of new accounting Statements of Recommended Practice (SORPs) and exposure drafts, reflecting the changes required as a result of the new UK GAAP, FRS 102.

In response to this radical overhaul of financial reporting standards, which is effective from 1 January 2015, most of the SORPs relevant to financial reporting for specific industries will have to be revised.

Timing is key as sufficient consultation is needed before issuing a revised SORP. However, the relevant organisations and professional institutes also have to issue them in a timely fashion in order to allow entities the flexibility to apply the revision at their earliest convenience.