Similar but not the same - the new education SORP and FRS 102

A guide for higher education institutions and universities

The Financial Reporting Council (FRC) have developed a new financial reporting framework which will impact all organisations in the UK and Republic of Ireland, including those in the higher education sector

FRS 102, ‘The financial reporting standard applicable in the UK and Republic of Ireland’ was issued in March 2013. This replaces all pre-existing UK standards (FRSs and SSAPs) and UITF abstracts (‘old UK GAAP’).

A new education SORP has been produced to be consistent with the requirements of FRS 102 whilst providing guidance to the education sector on areas where FRS 102 is silent or where guidance is considered necessary.