Industry Guidelines

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August 31, 2024 3 min read Definitions

Statement of Recommended Practice: Comprehensive Guidance on Accounting Practices

Finance Accounting SORP UK Accounting Financial Reporting Council Industry Guidelines Compliance

In the UK, a Statement of Recommended Practice (SORP) is a non-mandatory document providing guidelines on accounting topics relevant to specific industries or sectors. These statements, issued by recognized industry bodies and approved by the Financial Reporting Council, help standardize accounting practices and ensure compliance with higher-level regulations.