Accounting for schools, colleges and universities is a specialist area that requires expertise and an understanding of the sector. On this page you can access a range of articles, books and online resources providing quick links to Statements of Recommended Practice for Further and Higher Education, guidance and background knowledge.
We have a separate page on accounting for academies.
Statements of Recommended Practice (SORPs)
Issuing body
Statements of Recommended Practice (SORPs) related to further and higher education are issued by Universities UK (formerly known as the Committee of Vice-Chancellors and Principals).
Sources for the SORP and associated guidance
Statement of Recommended Practice: Accounting for further and higher education (2019 edition)
Revised edition of the SORP published in October 2018, effective for periods beginning on or after 1 January 2019. It incorporates the amendments set out in FEHE SORP Guidance Note 2015 and the Triennial Review 2017.
FE/HE SORP Guidance Note 2021
Guidance issued by Universities UK, published in July 2021, highlighting amendments to the SORP.
Archived documents
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2016
FEHE SORP guidance note 2015
Guidance issued by Universities UK, published in March 2016, highlighting amendments to the SORP to reflect FRS 102. -
2014
Statement of Recommended Practice: Accounting for further and higher education
Statement of Recommended Practice approved by the Financial Reporting Council in March 2014. This SORP must be adopted for accounting periods beginning on or after 1 January 2015. It reflects changes to UK GAAP arising from FRS 100, 101 and 102. -
2013
Statement of Recommended Practice: Accounting for Further and Higher Education – Draft for comment
Exposure draft of the proposed 2015 SORP issued in August 2013.Accounting for Further and Higher Education Statement of Recommended Practice Exposure Draft (SORP2015 ED): Consultation questions
Consultation document issued in August 2013. -
2007
Statement of recommended practice: Accounting for further and higher education
SORP published in October 2007, which took effect from 1 August 2007. -
2004
Supplement A to Circular 04/04: Papers Issued by the Sector Accounting Policies Group
Supplement published in May 2004 that collects together a number of papers issued by the Sector Accounting Policies Group (PDF 26 pages). -
2003
Statement of recommended practice: Accounting for further and higher education (2003)
SORP issued in September 2003 and superseded by the 2007 SORP.Further Education Colleges: Accounting Policies and Return of Audited Financial Statements (Circular 03/08)
Additional guidance published in April 2003. This guidance supersedes Circulars 01/04 and 02/07. -
2001
01/04 Supplement A: Specific FE guidance to supplement the SORP
Additional guidance to supplement guidance note 01/04 Finance: Sector Accounting Policies and Return of Audited Financial Statements. This Circular was superseded by Circular 03/08 in May 2003.
Useful links
Accounting for colleges
Information and resources from the Association of Colleges to help colleges prepare their 2022-3 financial statements. Includes an example set of accounts for a fictional college, Casterbridge College.
College Accounts Direction
Guidance produced by the Education and Skills Funding Agency for FE colleges, sixth forms and other designated institutions on preparing and submitting annual reports and financial statements.
Consistent financial reporting framework (CFR)
Guidance on the consistent financial reporting (CFR) framework from the Department for Education. It provides detailed definitions for each CFR code to assist maintained schools in mapping income and expenditure to the appropriate areas of the framework. The CFR is optional for nurseries and non-maintained special schools.
SORP Model Financial Statements
Illustrative financial statements produced by the British Universities Finance Directors Group (BUFDG). Only available for members of the BUFDG.
Organisations
British Universities Finance Directors' Group (BUFDG)
Group representing finance directors in UK higher education. Resources include a listing of institutions' financial statements.
College Finance Directors Group (CFDG)
Information on the College Finance Directors Group (CFDG) of the Association of Colleges.
Education and Skills Funding Agency
Government body accountable for funding education and skills for children, young people and adults. The website provides information on financial assurance.
Online articles
Articles and books in the ICAEW Library collection
To find out how you can borrow books from the Library please see our guide to borrowing books.
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