The consultation will run for 10 weeks until 4 February 2019

Scotland’s charity regulator has jointly launched a consultation on reforming the Statement of Recommended Practice for charities (SORP).

The Office of the Scottish Charity Regulator (OSCR) has joined the three other UK regulators in seeking the sector’s views on reform.

Their consultation will run for 10 weeks until 4 February 2019.

Views are sought on the best way to reform the SORP’s accounting standards and ensure they remain relevant for the charity sector.

The consultation will be overseen by an independent chair, Professor Gareth Morgan, and a summary of responses will be published before the end of April.

The new SORP, which covers financial reporting, auditing practices and actuarial practices in the charity sector, will be the first to cover all four charity law jurisdictions.

Judith Hayhow, head of support services at OSCR, said: "If the Charities Sorp isn’t right, the accounts that charities produce won’t be right for those who need to use them.

"That’s why we as regulators are committed to opening up and inviting feedback on the way in which the SORP is developed."

The full consultation document can be found here.